ANZ’s CEO Nuno Matos described the cuts as part of a streamlined transformation aimed at reducing duplication and boosting efficiency. The move, which affects nearly 10% of the bank’s workforce, is one of the largest in decades for Australia’s banking sector.
And ANZ isn’t alone:
- Telstra recently announced 2,800 cuts.
- Commonwealth Bank shed nearly 800 roles over the past year.
- Westpac is tipped to cut around 1,700 positions.
Automation and offshoring are increasingly at the centre of these decisions.
The Broader AI and Automation Trend
AI isn’t just in strategy decks, it’s already reshaping work. Roles like receptionists, bookkeepers, and clerical staff are among the most vulnerable to automation, according to The Australian.
Yet the story isn’t purely negative:
- A PwC global study found that industries embedding AI skills are seeing triple the revenue-per-employee growth compared to others.
- A Business Insider analysis showed that while clerical jobs face high automation risk, 79% of roles are more likely to be augmented by AI rather than replaced
A Snapshot of Australia’s Labour Market
- Over 35% of Australian businesses have already adopted AI or automation (Local Digital).
- The Australian AI market is projected to hit AUD 9.4 billion in 2025, growing to AUD 20.3 billion by 2030 (All About AI).
- Despite layoffs, the economy added 1.9 million jobs between 2020 and 2025 — a 13.7% increase overall (ABS).
What This Means for Employees
- Reskilling is urgent. Clerical and routine roles face the most disruption (Business Insider).
- AI fluency is now an advantage. Workers who adopt AI tools are already proving more productive and more employable (PwC).
- Human skills matter. Creativity, empathy, and problem-solving are consistently ranked as the most “AI-resistant” strengths (arXiv study).
What Employers Should Watch
- Communication counts. ANZ’s accidental redundancy email became a cautionary tale (FT).
- Lean doesn’t mean weak. Streamlined teams can be more innovative when supported with the right tools.
- Upskilling builds resilience. A stronger internal training culture can reduce dependency on risky external hires.
Built for the Future
The ANZ job cuts are not just about one bank. They reflect how automation, globalisation, and shifting business priorities are rewriting the rules of work in Australia.
Yes, jobs are being lost. But opportunities are also being created, for individuals willing to reskill, and for businesses willing to innovate responsibly.
The real test is how we prepare today for what tomorrow will demand.
Your business, built for the future.
