Australia’s financial sector is undergoing significant turbulence. Major banks — including ANZ, NAB, Commonwealth Bank, and Bank of Queensland — have announced large-scale job cuts, ranging from hundreds to several thousand roles. The reductions cover customer service, technology, corporate operations, and contract staff.

While at first glance these appear to be internal workforce adjustments, the ripple effects may extend into migration policy — particularly the Skilled Occupation List, application priorities, and long-term planning for prospective migrants.

Source: Internet

Why Are Banks Cutting Jobs?

1.Digitalisation and AI Automation

Many customer service and operational roles are being replaced by automation and AI, as banks accelerate the shift toward digital banking.

2.Offshoring and Outsourcing

Institutions like NAB have outsourced parts of their technology and operations workforce to India and Vietnam to reduce labour costs.

3.Financial and Regulatory Pressures

With high interest rates and growing compliance obligations, banks are streamlining to maintain profitability and focus on core business functions.

What Does This Mean for Skilled Migration?

1.Reduced Competitiveness in Finance and Accounting

As local demand weakens, finance-related occupations may see reduced priority on the Skilled Occupation List. Roles such as accountants and financial analysts are likely to remain high-scoring categories, with tougher competition for invitations.

2.Stronger Opportunities in IT, Data, and Risk Management

Despite overall cuts, demand for skills in cybersecurity, data analytics, compliance, and risk management continues to rise. These roles are expected to remain in demand on migration lists.

3.The Need for Diversified Strategies

Many applicants from Hong Kong and China have historically relied on finance and accounting pathways. Current trends highlight the importance of:

• Avoiding reliance on the 189 visa alone;
• Proactively considering 190 state nomination or 491 regional pathways;
• Exploring cross-disciplinary study in IT, education, or health, where long-term migration prospects remain stronger.

Riverwood’s View

The banking layoffs are more than a workforce issue — they serve as a policy signal.

Australia’s Skilled Occupation List is closely aligned with local labour market demand. When industries contract, affected roles may face reduced migration opportunities, while shortage occupations receive stronger policy support.

For applicants, this means:

• Do not rely on a single pathway or profession (e.g. finance only).
• Build multiple migration strategies across technical, health, and education sectors.
• Work with a qualified migration lawyer to lock in the right option before policy shifts take effect.

The contraction in banking reminds us that migration is not a straight path tied to one occupation. It is a long-term strategic process requiring flexibility and foresight.

If you have any questions, please feel free to contact us at Riverwood Migration (Email: enquiry@riverwoodmigration.com), or book a consultation. We are committed to providing transparent and professional migration services to help you secure your visa and achieve your goal of moving to Australia.

‍