Melbourne, Australia – ANZ Bank, one of Australia’s “Big Four” lenders, is facing criticism for charging its staff lunchtime $10 for a sausage sizzle and ice cream, even as the bank proceeds with a significant cost-cutting plan that includes the elimination of 4,500 jobs. The move, described by some as tone-deaf, comes as new Chief Executive Nuno Matos attempts to reduce the bank’s workforce by approximately 10 percent.
The lunchtime event, advertised with a sign reading “ANZ Catering welcomes you back to the office!”, offered a sausage in bread, a soft drink, and ice cream for the $10 fee. Tickets were required, with a limit of 100 attendees, and were available at main reception. A second sausage reportedly cost an additional £2.50, according to reports from the UK’s Info Nasional.
The cost-cutting measures at ANZ are substantial. The bank reported a profit of $5.9 billion for the year ending , but is still pushing ahead with significant reductions in personnel and expenses. The sausage sizzle charge has sparked internal discontent, with some staff voicing their frustrations anonymously on platforms like Reddit, criticizing the new CEO and the bank’s overall culture.
The bank’s media team has not yet directly addressed whether the $10 charge for the sausage sizzle is directly linked to the broader cost-cutting initiative, or simply standard practice for its catering operations. However, the timing of the event, coinciding with the workforce reduction announcement, has fueled the perception that the bank is prioritizing cost savings over employee morale.
The incident highlights a growing tension between corporate profitability and employee wellbeing. ANZ recently posted a quarterly profit of $1.94 billion, a 6 percent increase, partially driven by the redundancies announced last year. This profit, however, appears to be at odds with the decision to charge staff for a traditionally free perk.
The pricing of the ANZ sausage sizzle stands in stark contrast to that of hardware retailer Bunnings, where sausages in bread are sold for £1.80 and cold drinks for £1.30, with onions and condiments provided free of charge. This comparison has drawn criticism, with some observers labeling the ANZ charge as “un-Australian.”
Beyond the sausage sizzle controversy, ANZ is also navigating several other regulatory and legal challenges. The bank is currently being sued by its former chief executive, Shayne Elliott, over $13.5 million in bonuses that were revoked following a record $240 million fine imposed by the Australian Securities and Investments Commission (ASIC) for multiple compliance failures during his tenure.
Further complicating matters, ANZ admitted to manipulating the Bank Bill Swap Rate (BBSW), a key inter-bank lending rate. This admission led to a wrongful dismissal case brought against the bank by former trader Etienne Alexiou in the Federal Court, with a verdict expected in the coming months.
Employment law experts have cautioned disgruntled ANZ employees against publicly airing their grievances, warning that such actions could potentially breach their employment contracts. Sydney University Professor and employment lawyer Joelle Munton advised employees to “keep [their] grizzling to around the dinner table in the privacy of [their] own home.”
The sausage sizzle event isn’t an isolated incident. A similar lunch, priced identically, took place on , suggesting a recurring practice. The event is limited to one hour, beginning at , requiring staff to carefully schedule their lunch breaks.
The situation at ANZ reflects a broader trend of cost-conscious measures being implemented by Australian corporations, even amidst strong financial performance. The bank’s actions are likely to be closely watched by other companies as they navigate a challenging economic environment and strive to balance profitability with employee relations.
