Australia’s New Front in the Battle for the Pacific: Banking and Labour

The withdrawal of major banks from Pacific countries poses significant socio-economic risks to the region as well as considerable inconvenience to individual customers, so Australia—along with the United States and New Zealand—is stepping in to assist as part of its ongoing effort to win the allegiance of the island states. Australia is also expanding a labour mobility scheme, with the initiative forming part of efforts to counteract the increasing influence of Beijing. Last year, Australian Prime Minister Anthony Albanese and U.S. President Joe Biden announced the formation of the Pacific Banking Forum amid growing concerns about the loss of correspondent banking relationships in the region....