Middle-ranking jobs are the ones disappearing, he said.
"My theory, and I hope I’m wrong, is that once there is a downturn there will be a justification to automate roles rather than re-hire people," Mr Bassat said.
Mr Bassat said he was particularly worried about the kinds of "unoriginal businesses" which dominate the Australian economy, singling out the big banks which are all laying off staff.National Australia Bank has committed to a $1 billion cost-cutting drive, aiming to reduce headcount by 2000 a year for three years, whereas Commonwealth Bank is expected to shed about 4000 roles from asset sales alone, […]
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