Australia’s banking sector is accelerating its shift towards artificial intelligence, automation and offshore work as major lenders cut thousands of domestic roles.
National Australia Bank has announced plans to eliminate up to 2,500 jobs by June next year, representing around 6% of its workforce.
Around 1,500 positions are expected to disappear before Christmas, with corporate, technology and administrative teams among those affected.
Westpac is also cutting more than 200 roles as part of its own restructuring.
Banking workforce moves offshore
Employees say some teams are being forced to reapply for fewer positions as banks simplify operations and shift more functions overseas.
NAB has been expanding operations in India and Vietnam while reducing the proportion of some technology teams located in Australia.
Artificial intelligence and automation are also becoming central to the restructuring as banks attempt to reduce processing times, remove manual work and lower operating costs.
The changes highlight how rapidly AI is moving from experimental technology into workforce planning.
Banks are particularly exposed because many administrative, customer-service and compliance functions involve repetitive information processing that can increasingly be automated.
The shift could improve productivity and reduce costs, but it also raises questions about the future of white-collar employment in Australia.
With thousands of banking roles already being eliminated, the financial sector may provide one of the clearest early examples of how AI, automation and global labour markets combine to reshape Australian employment.
