It's already stolen some telemarketing jobs, and now there are fears that Asia will pinch Australia's banking ops (operations) jobs too.
However it's not exactly doomsday for Australian back-office staff as one City-based headhunter suggests most banks will retain ops jobs in Australia, even if it isn't their primary operational hub.
Anthony Ayers, principal consultant at Chandler Heath Executive Search, says, "Some roles are going to Singapore, HK and India, which are in this time zone. Offshoring will continue as a trend, but there will remain considerable operations roles in Australia."
Another ops optimist, Mary Grant, principal consultant in Hudson's banking and finance division, says all the global banks with Australian businesses have local back offices, with a few - such as JPMorgan and Duetsche Bank - hubbing their Asia ops in Australia.
"It's only the menial or repetitive jobs that are sent to Asia," explains Grant. "The more complex and senior roles are kept in Australia."
According to the latest Robert Walters Global Salary Survey, an operations manager in Sydney with more than six years' experience can earn more than AU$150k annually.
For the moment, there are more than enough jobs to go around. "The problem is that there are not enough people in Australia to fill ops roles. It's the only area where I believe that there really is a skills shortage in banking," Grant says.