Finance union unable to stem member slide

Membership of the Finance Sector Union fell 1619, or four per cent, to 35,882 over the year to June 2014. Membership is down 10,568 over six years.

While some banks and other finance firms have pursued redundancy programs and offshored jobs over this period, more broadly employment in the finance sector has increased by 50,000 jobs over those six years.

The union incurred an operating deficit of A$952,000 on income of $19.9 million over the year, the 2014 annual report shows. It also made a $4.8 million gain on the sale (and lease back) of its Melbourne headquarters, a decision questioned by the newly elected national secretary, Fiona Jordan, during the union's election this year.

It has $56 million in assets, mostly financial investments.

"The financial position of the union for 2014/2015 is that we face a significant operating deficit of $2.8 million in this current financial year," Jordan wrote in the annual report.