NSW warned of big job cuts

Matt Wade
Sydney Morning Herald

THE NSW economy will be hit this year, especially as the finance sector, one of the state’s biggest employers, sheds jobs in response to rising costs and slowing demand, the Treasurer, Mike Baird, has warned.

The warning came as Australia’s third biggest bank, ANZ, announced it would slash its Australian workforce by 1000 and freeze most executive salaries for the rest of this year.

The bank cited “intense pressure on margins associated with higher funding costs, lower consumer and business demand for financial services and increasing global regulation”.

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