Aussie bank under fire as 90 jobs at risk following digital move
Commonwealth Bank subsidiary Bankwest is under fire after announcing it will cut up to 90 roles over the next three months. The move means nearly 400 roles have been slashed since the Aussie bank closed its entire retail branch and ATM network last year.
Bankwest confirmed it would axe its 130-person 'transition team', with 122 jobs impacted in Western Australia. The team was established in 2022 to move business banking customers across to CBA after the bank decided to withdraw Bankwest from business banking services.
A Bankwest spokesperson said at least 32 impacted workers would move into new roles within the CBA group. The remaining 90 jobs not directly appointed to new roles will be able to 'explore new opportunities in the group'.
RELATED
CBA, ANZ, NAB, Westpac's major cash commitment confirmed in 2025 federal budget
Centrelink blow for millions on JobSeeker, Age Pension as federal budget denies cash boost
Centrelink win for 460,000 pensioners in $450 million federal budget move
The Finance Sector Union (FSU) said the cuts went against CBA's promise to the Western Australian government to create 500 more jobs following last year's closures.
'Unfortunately the WA Government has been sold a pup here – 500 group roles were promised in return for Bankwest going completely digital,' FSU national secretary Jason Hall said.
'Instead, the bank continues to cut local jobs.'Bankwest said it had recruited Western Australians into more than 370 of the 500 roles redirected to the state and would aim to put some of the workers displaced from the transition team into vacant roles, including financial crime compliance, operations and customer service.
Hall said workers were 'fed up of being at constant risk of losing their jobs', with customers and staff facing 'uncertainty' since the bank decided to withdraw from business banking.
The FSU said it would seek an urgent meeting with WA Treasurer Rita Saffioti and ask her to 'immediately intervene'.
Bankwest closed all 45 of its branches across Western Australia last year in its transition to become a wholly digital bank, with a further 15 converted to CBA branches.
The bank said it was going digital due to changing customer behaviour, with 97 per cent of transactions now completed digitally and fewer than 2 per cent of customers visiting a branch regularly.
The number of bank branches across the country dropped by 230 in the last financial year and by 1,615 compared to five years ago, the latest APRA data found.
The major banks have committed to pause regional bank closures until July 31, 2027.
CBA acquired Bankwest in 2008. The bank had no physical footprint outside of the state, having already closed all east coast outlets by early 2023.Sign in to access your portfolio
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NBC Sports
an hour ago
- NBC Sports
Report: Suns, Kevin Durant's representatives sorting through multiple trade offers
With an increasing sense in league circles that Giannis Antetokounmpo will remain in Milwaukee, trade speculation is ramping up around the second biggest name on the market: Kevin Durant. The Phoenix Suns and Durant's representation — led by KD's business partner Rich Kleiman — are sorting through offers, working together to find a trade that works for all involved, reports Shams Charania of ESPN. Teams that have expressed interest in Durant, sources said, mainly feature the Houston Rockets, San Antonio Spurs, Miami Heat, Minnesota Timberwolves and New York Knicks. Several wild-card suitors have made inquiries on Durant in the past seven to 10 days, sources said... Suns officials and Kleiman will continue to meet on trade conversations -- with talks expected to escalate before the NBA draft later this month. Because Durant is entering the final year of his current contract ($54.7 million), he has some leverage in the situation. Teams are not going to give up the kind of haul Phoenix is seeking to rent Durant for a year. Whoever trades for Durant will likely sign him to an extension, one that is at or near the maximum of two years, $122 million. The Suns reportedly are looking for depth and players who can help them retool quickly around Devin Booker, as well as draft capital. With the Suns over the second apron of the luxury tax, a third team (or more) is almost certainly involved in any Durant trade to make the numbers work under the more restrictive CBA. Here's a closer look at the teams mentioned. • San Antonio Spurs. Durant to the Spurs is the rumor with the most heat, there is a growing sense in some circles they are the front runners. The idea for the Spurs is that trading for Durant, pairing him with Victor Wembanyama and De'Aaron Fox, and having him as an example for about-to-be-drafted Dylan Harper, makes the Spurs a dangerous team next season in the West and helps build a culture for the future. Durant is not on the timeline of those other players, but the Spurs could view this as the best path to being a threat in the deep Western Conference next season. The trade would likely involve something like Devin Vassell or Keldon Johnson, Jeremy Sochan, Harrison Barnes and this year's No. 14 pick. There is zero chance the Spurs are giving up the No. 2 pick for KD. • New York Knicks. It's unclear just how serious these talks are. While a Karl-Anthony Towns for Durant works as the core of a trade (and Devin Booker and KAT have Kentucky ties), it would take a third team coming in (because the Suns are over the second apron, so some money has to go elsewhere) and for a Suns team looking to add depth and draft picks, it's hard to see a path to a trade both teams would like. Stefan Bondy of the New York Daily News reports the Knicks are out of the running. The Knicks are not in the mix for Kevin Durant, the Post has learnedhttps:// • Houston Rockets. While Houston certainly put together a package of picks — they control the Suns' 2027 and 2029 first rounders — and young players that would interest Phoenix, reports from people around the Rockets from the start have said they have a limited interest in Durant because he does not match up with the timeline of the rest of their core (Amen Thompson, Alperen Sengun, Jalen Green, etc.). If the Rockets could get Durant on a steal of a deal it's one thing, but whether they would put together the best offer is another question. A trade could involve Green, this year's No. 10 pick and some other players, and it would require a third team to make the math work under the second apron. • Minnesota Timberwolves. This is a team that has been to the Western Conference Finals for consecutive years and is looking for the player who can put them over the top. Durant might be that guy, and he is Anthony Edwards' idol. Maybe the biggest challenge is logistics, with both teams over the second apron, this trade would take at least three and likely four or more teams to make work. Reports out of Minnesota say Jaden McDaniels and Naz Ried are off the table in any trade for Durant, so it would likely be Julius Randle (unless the Suns have interest in Rudy Gobert), an assortment of less expensive players, this year's No. 25 pick and/or another first, and a whole lot of players and picks going to other teams. Miami Heat: Durant to Miami is intriguing, but it's hard to see how this trade comes together. For it to work for Miami, it has to keep Tyler Herro and Bam Adebayo, and they'd prefer not to give up Kel'El Ware (if I'm the Suns, I demand he is in the deal). Who else on the Heat roster would the Suns want? Andrew Wiggins, Nikola Jovic and some future firsts? Maybe Duncan Robinson. Again, it's just hard to see how this all comes together, but apparently the sides are talking.
Yahoo
2 hours ago
- Yahoo
Centrelink cash boost coming in weeks for 2.4 million Aussies: ‘More money in bank accounts'
Millions of Centrelink recipients will see a small increase in their payments in the coming weeks. The increase is part of regular indexation, which is designed to ensure payments keep up with the rising cost of living. Around 2.4 million Australians will benefit from the latest round of indexation, which will come into effect from July 1. The increase will see a range of rates, thresholds and limits increase by 2.4 per cent. That includes payment increases for families receiving the Family Tax Benefit A and B, the Multiple Birth Allowance, and the Newborn Supplement. Income and asset thresholds will also be increased for recipients of the Age Pension, Disability Support Pension and Carer Payment. RELATED Centrelink payment change happening next week: 'Will increase' Major RBA interest rate call set to give homeowners $250 per month win $400 cash boost available for thousands of Aussies in new energy rebate Social Services Minister Tanya Plibersek said the government's "number one priority" was addressing cost-of-living pressures. 'From 1 July, millions of recipients of social security payments will see more money in their bank accounts," she said. 'Payments like the Family Tax Benefit help cover the costs of raising children for many Australian families, and indexation is a crucial way to help families when cost of living rises." Families getting the Family Tax Benefit Part A will see their maximum fortnightly payments go up to $227.36 a fortnight, an increase of $5.32. For those with children aged 13 or over, the rate will increase to $295.82 a fortnight, which is an increase of $7. Families receiving the Family Tax Benefit Part B will see their maximum rate increase to $193.34, an increase of $4.48. Families with children aged over 5 will see their rate increase to $134.96. First-time parents of a newborn child will receive an extra $48 over 13 weeks, with the Newborn Supplement increasing to $2,052.05. The Multiple Birth Allowance will increase to $196.56 per fortnight for those giving birth to triplets, while payments for quadruplets and more will go up to $261.94 per fortnight. This round of indexation won't impact payment rates for the Age Pension, JobSeeker, Youth Allowance, the Disability Support Pension or Carer Payment. However, there will be income and asset threshold changes. Age Pensioners will be able to earn $218 a fortnight, up $6 a fortnight, and still be eligible for the full pension. The maximum amount you can earn before your pension cuts out will increase to $2,516. For couples, those limits will be $380 per fortnight and $3,844.40 per fortnight for the disqualifying income limit. Single homeowners will be able to have assets of $321,500 and receive the full pension, while couples will be able to have $481,500. The cut-off threshold to receive a part pension will increase to $704,500 for single homeowners and $1,059,000 for couple homeowners. The Paid Parental Leave annual income limits will also increase, with the individual limit increasing to $180,007 per annum and the family limit increasing to $373,094 per annum. Full details of the new rates and thresholds can be found in to access your portfolio
Yahoo
2 hours ago
- Yahoo
Millionaire's major superannuation warning for young Aussies: 'Should be worried'
Mark Bouris has sounded another alarm for young Australians about their superannuation. The financial expert previously cautioned that people in their early 20s today will likely have to work well into their 70s or even 80s because they won't be able to squirrel enough away to retire. But now the Yellow Brick Road executive chairman has warned this issue will only be made worse by Labor's plan to tax super balances over $3 million. Bouris said those entering the workforce now will get a rude shock when they get into their 60s. "Every young person in the country should be worried about this," he said on his podcast. Mark Bouris issues blunt retirement message for young Australians Centrelink cash boost coming from July 1 for millions of Aussies Aussie teen's job paying $300 per hour without a uni degree The government wants to double the existing tax rate from 15 to 30 per cent on earnings on super balances above $3 million, including unrealised capital gains. Balances up to $3 million would be taxed at 15 per cent, and anything over that would get hit with the new 30 per cent rate. Labor believes this will only affect around 80,000 people today and is designed to target the ultra-wealthy. According to the ATO, the average person with more than $3 million in superannuation right now is earning roughly $381,000 per year. Deloitte figures from June last year showed the average super balances for Aussies aged 60 to 64 was $401,600 for men and $300,300 for of the biggest criticisms of the proposal is that, at the moment, the $3 million benchmark won't be indexed. Treasurer Jim Chalmers indicated it could be indexed in the future, but many are worried about what will happen if it doesn't. "Every old person in the country has experienced building their superannuation up with only 15 per cent tax rate from day one for the last 30 to 40 years," Bouris said. "All of us had this fantastic low-tax situation with the money we earn for super fund. "Young people who accumulate more than $3 million worth of assets, they will not have the same benefits that everyone else has had since [Paul] Keating introduced this legislation." Former Prime Minister Keating reportedly fears Labor's proposal could "damage confidence" in the near $4 trillion nest egg system he created. Having $3 million in your super account might seem like a pipe dream for many young Australians right now. But that could soon be the norm in the next few decades. AMP Capital deputy chief economist Diana Mousina discovered that at least half of Gen Z workers would hit that mark by the time they neared retirement in about 40 years due to wage inflation and compound interest. 'An average 22-year-old today earning average wages for the rest of their life will breach the $3 million limit unless the government indexes the threshold," she said. 'This is also not taking into account any additional contributions into super and forward estimates for returns are also conservative.' Bouris fears the plan could put more pressure on government services because people aren't able to retire due to their balances being taxed at a much higher level. While some of Australia's billionaires have hit out at the proposal, policy thinktanks have backed it. Australian Institute economist Greg Jericho disputed Mousina's figures and came up with a different result. He suggested an 18-year-old who got a job today at the average full-time wage of $106,277 per year, who received a 3.7 per cent wage rise every single year for their life, without a single break in their working life until they hit 67, would end up with roughly $2.1 million in their super account. "The fear about not indexing the $3 million threshold is just a scare campaign designed to make people think they will be hit, even though they are only 30 years old now, because maybe they might one day have that much super," he said. The Grattan Institute, meanwhile, said the plan "should be just the first step to reining in excessively generous tax breaks" in the superannuation system. It echoed Jericho in saying fears that millions of young Aussies could be affected "are simply nonsense". "Rather than being the biggest losers from the lack of indexation, younger Australians are the biggest beneficiaries," it said. "It means more older, wealthier Australians will in time shoulder some of the burden of budget repair and an ageing population that younger generations will otherwise bear alone." Mintwell financial adviser Josef Jindra told Yahoo Finance the "vast majority" of people won't be affected by the plan and there's "no cause for alarm" at the moment. But he admitted that would change over the years, and it's worth getting ready for that eventuality. 'It's about being proactive and exploring ways to manage their retirement savings effectively,' he said. 'This may include planning withdrawal strategies to stay below the threshold, diversifying investment holdings outside of superannuation to enhance flexibility, and reducing exposure to the higher tax rate. 'Estate planning has also become increasingly important to ensure assets are structured in a tax-effective way for future beneficiaries. "For some clients—particularly those seeking greater control—we're also considering Self-Managed Super Funds (SMSFs) and the strategic opportunities they present.'Error in retrieving data Sign in to access your portfolio Error in retrieving data
