Major Australian banks are increasingly adopting artificial intelligence (AI) while simultaneously cutting thousands of jobs, raising concerns that the technology is replacing human workers. The Commonwealth Bank (CBA) recently reversed a plan to replace 45 customer service staff with a chatbot, but broader trends show AI use soaring across the sector.
Dhanushi Jayatileka, a former CBA back-office worker made redundant, told the Finance Sector Union that her team had been shedding staff since 2024, with remaining employees relying on AI to cover tasks previously done by colleagues. “We are teaching the machine to eventually take our job,” she said. CBA denies her redundancy was linked to AI, citing separate reasons.
Experts warn that white-collar finance and technology jobs are being cut as companies accelerate AI adoption, often without publicly acknowledging the connection. Professor Manju Ahuja from the University of New South Wales described the link as “observable” and said many AI-related job losses go unrecorded. A University of Queensland study found sales, customer service, and entry-level roles are most vulnerable to automation.
ANZ announced plans to cut 3,500 jobs by September 2026, while deploying an AI assistant called amie. CEO Nuno Matos insisted the decision “has absolutely nothing to do with AI.” Telstra cut 2,800 jobs over the past year and expects further reductions, saving $301m on labour. The Bank of Queensland cut 200 roles, including in its call centre, while partnering with Capgemini to boost AI use.
CBA stated its total workforce has grown since 2021, with new hires in non-automated areas. The bank claims AI has improved efficiency, with business queries answered three times faster and call centre wait times reduced. Spokespeople for Telstra and Bank of Queensland also denied job cuts were linked to AI, emphasising that technology helps staff serve clients more effectively.
