Australia’s banking sector has just offered a glimpse into the future of work – and it’s a future many employees will find unsettling. ANZ’s decision to cut 3500 jobs and 1000 contractors, followed by NAB’s move to slash 410 roles and shift more work offshore, is not simply another round of cost-cutting. It is a signal of how artificial intelligence (AI) and digitalisation are reshaping the labour market with extraordinary speed and precision.

ANZ’s restructure under new chief executive Nuno Matos is framed in terms of “efficiency and competitiveness”.Credit: Oscar Colman

For ANZ, the restructure under new chief executive Nuno Matos is framed as a bid for efficiency and competitiveness. But beneath the corporate language lies a reality: automation and AI are hollowing out roles once considered secure. Back-office operations, compliance reporting and customer service functions are increasingly being run by machines rather than people. NAB’s restructuring reinforces the trend, moving technology roles to India and Vietnam where labour is cheaper, while AI and digital platforms reduce the need for large support teams in Australia.

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