AAP: THE federal government is working on a solution to ensure a major bank maintains services in the Pacific while bolstering the integrity of financial systems.
Australia is working to ensure banking services remain open in the Pacific while expanding a labour mobility scheme as it faces a diplomatic contest with China.
The federal government is in the final phases of talks with ANZ bank to ensure it continues to offer financial services in nine Pacific nations after saying operations weren’t profitable.
Island nations are losing access to banks and international payment services as branches are shut down or on-the-ground ties are severed.
Connecting the Pacific with global finance was “one of Australia’s highest foreign and economic policy priorities,” Treasurer Jim Chalmers said.
Australia’s financial watchdog AUSTRAC and members of the Pacific intelligence community are also meeting in Brisbane to bolster capabilities to tackle financial crime.
This includes measures such as joint operations, intelligence sharing and technology enhancements.
AUSTRAC has worked with representatives from across the Pacific to target transnational organised crime, corruption and child sexual exploitation.
“Serious financial crime affects all of our nations, so we must work together to combat threats which undermine our financial security and community safety,” AUSTRAC CEO Brendan Thomas said.
The Australian government is also working to ensure the integrity of a labour mobility scheme that employs Pacific workers amid concerns about their exploitation.
A third of agriculture and horticulture employers with short-term workers under the Pacific Australia Labour Mobility scheme were assessed by the Employment Department and found to be complying with minimum hours requirements.
Employers have to pay workers the equivalent of 120 hours over four weeks to make up for unpredictable hours in the sectors.
“This ensures workers, who are not allowed to pick up other work in Australia, can afford to cover their accommodation and other expenses while offering strong flexibility for employers,” Employment Minister Murray Watt said.
A pilot under the scheme has been announced for Papua New Guineans to work and train in the Australian early childhood sector, with the first group of 15 to arrive in the Northern Territory in early 2025.
The Australian-accredited educators will be employed in Katherine and Alice Springs where there are skills shortages.
The PALM scheme allows eligible businesses to employ workers from nine Pacific countries and East Timor to cover shortages for short-term jobs of up to nine months and long-term roles for between one and four years.
The scheme has 31,230 participants across 485 employers as of September 2024.
