Commonwealth Bank statement on off-shoring

9 October 2006

The Commonwealth Bank wants to reassure its customers that it retains all of their information on-shore and has a strict privacy code in place to protect the integrity of the information.

The Bank does not off-shore any of its processing or call centre operations, maintaining a dedicated and efficient workforce in Australia to undertake these duties.

The Bank has, in the past, undertaken evaluation work on off-shoring but has chosen not to proceed at this time.  The Commonwealth Bank is focussed on providing improved customer service at a lower cost, but is mindful of its position as an iconic Australian company.

Whilst off-shoring is not currently on the Bank’s agenda, research undertaken within the Bank indicates that there may be a labour shortage looming in Australia in the next 5 to 10 years.  The Bank will continue to prepare for this by keeping all opportunities under review, including developing people policies to ensure it is able to attract and retain staff in Australia.

For further information, please contact:

Bryan Fitzgerald
General Manager, Media
Telephone (02) 9378 2663