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The Australian Federal Government’s proposed tightening of 457 visas could harm the nation’s financial services sector if it proceeds, with one broker claiming his city could be particularly affected.
Darwin based NSW broking franchise principal, Tony Schelling, says he believes tightening restrictions on the popular work visa could have a major impact on the financial services industry in towns like Darwin, as the sector struggles to compete with higher wages offered by the likes of mining and gas.
“We will struggle to get good, qualified and competent people here when we’ve got a labour force working on $100,000 per year average. They’re not qualified; their job is to hold signs and pour concrete. They’ll be working 12 hour shifts six days a week, but there’s good money to be had and it’s hard to encourage people into the finance sector when the wages are in the $50-60 range.”
While he notes that mortgage brokers immigrating from overseas seldom use the 457 visa, Schelling’s worried that any restrictions could have a wide-reaching effect.
#pb# He says encouraging domestic employees to work in Darwin has always been a struggle and that the town relies heavily on an influx of foreign workers, many of which are forced to leave after a short time due to current visa requirements.
“Keeping people in these jobs is hard. Our financial service sector really struggles in a town like this – people staying long enough to warrant the training and so on.”
Online job site eFinancialCareers says confusion ‘abounds’ surrounding the controversial visa, with the federal government arguing for tighter restrictions while the likes of the NSW government urge for greater flexibility in order to attract more international talent.
“The facts are Australia’s strict visa rules are already keeping highly skilled financial services professionals out of the country at a time when Australia needs more foreign talent.”
eFinancialCareers managing director Asia Pacific, George McFerran, says there’s no doubt the current visa situation is restricting talent to Australia from Asia, Europe and the US.
“Any further restrictions would be a retrograde step, harming individual firms and the international reputation of the industry. It needs to be recognised financial services is an international career and by further restricting visa classes for skilled migration, we’re hampering the flow of talent from Asia-pacific to Australia.”
