We are reducing employment in Australia in response to higher funding costs and slower credit growth. We expect to reduce employment by about 1000 roles by the end of September, largely middle management, back office and support function positions.
We are committed to supporting internal redeployment and have a strong record of retaining staff who wish to stay. Staff who do leave have access to outplacement services for a minimum of six months, including career coaching, job search training and professional support services.
A fund of up to $10 million will assist staff retrain for new careers and our Past Employee Care Fund helps former employees who may face financial hardship following retrenchment.