Why oasis can’t be sold: The future of Australia’s offshore outsourcing industry
AUSTRALIA’S offshore outsourcing market is now worth $11.5 billion a year, up 12 per cent on the previous year, with Australia’s biggest outsourcing firms looking to expand beyond the region.
oasis, one of the country’s biggest providers of offshore outsourcing, has reported a 22 per cent jump in profits for the first three months of 2017.
The biggest increases were in the US, which jumped 11 per cent to $5.6 billion, followed by the UK, which rose 11 per per cent, according to oasis.
The company’s annual report, released on Tuesday, showed that revenue rose from $3.2 billion in 2017 to $4.3 billion in the first quarter of 2018.
oasg, the countrys second biggest outsourcing company, also jumped 11.5 per cent in the same period to $3 billion.
The Australian Bureau of Statistics (ABS) data showed that Australia’s overall offshore outsourcing workforce fell by 16,000 in the year to June.
The report also said that a majority of Australian companies are now operating overseas.
oasi, one or two of the biggest outsourcing companies in Australia, also saw its profits rise by 11 percent to $1.7 billion.
It is the first time since 2008 that the company’s share price has been in the red.
ouso, which is a subsidiary of Australian-based oasis International, is also expected to report a 22-per-cent rise in profits.
Ouso has more than 60,000 employees across the world.
Australian multinationals have a history of operating overseas, with the likes of Toyota, General Electric and IBM operating in countries like China and India.
The Australian Government’s Office of the Prime Minister and Cabinet has already launched an internal review into how to protect Australia’s lucrative offshore outsourcing sector.
The Government has also launched a number of measures, including legislation to limit the number of foreign workers working in Australia.
The Department of Foreign Affairs and Trade (DFAT) said the government will continue to promote Australian employment through a range of measures to promote economic growth and economic growth for Australians, and to create a secure future for Australians in the global economy.
Foreign investment in Australia has fallen from $15.2bn in 2013 to $12.3bn in 2019.