AUSTRALIA’S major banks have been left reeling by the record losses they have suffered in the past year as the global financial crisis deepened.
Key points:AAP chief executive Andrew Hodge said banks had to find more jobs to stay afloat in the aftermath of the global crisisThe banks are now relying on small business owners and small business investors to take the riskThe Australian Bureau of Statistics said the total loss of jobs in the Australian banking sector in June-September was $2.5bn, which is the highest since June 2016.
The ABS has forecast that the loss of 1.2 million jobs will occur this financial year alone, which will take the total number of jobs lost in Australia’s banking sector to 9.1 million.AAP’s chief executive, Andrew Hinkle, said banks have to find ways to stay alive as the economy falters and the impact of the economic downturn is felt in other parts of the economy.
“There are more people out there than ever before, and they need jobs, but in many cases those jobs are the jobs that the banks have had to provide for, or have had access to through the loan they got from the banks,” Mr Hodge told reporters.
Mr Hodge also said the loss in jobs in Australia is not as bad as some people may think.””
The job losses that are happening now are a result of the jobs, and not the banks.”
Mr Hodge also said the loss in jobs in Australia is not as bad as some people may think.
“We know that when people look at unemployment rates, they’re not necessarily looking at the people out of work,” he said.
“The unemployment rate in Australia right now is 2.5 per cent.”
And the unemployment rate is actually a very, very small number of people that are out of employment, and that is the vast majority of people out here, but that is not the majority.
“Mr Tudge said it was essential that the Australian banks get the best possible start to the new year, and find jobs to keep up the momentum.”
That means hiring the people, building up the skills of the people to make sure that when the market does pick up in the new financial year, they will be ready to move into the next financial year,” he told ABC Radio Perth.”
But that is a tough job, and it is not going to be easy.
“People are very, not only out of the job market, but they are not in the market at all.”