“Absolutely they can be outsourced…One of the largest opportunities I personally feel is [for] institutions to outsource these kinds of opportunities in India…Support staff, IT, finance, mortgages, all of those can be supported because of a lower-cost and at the same time English-speaking workforce,” he told News.com.au last week.

Singh – the founder of financial advisory firm Innovative Consultants – also said that this would lead to greater efficiency and lower costs – “maybe around 10% to 15% of whatever the current cost is”.

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The multi-millionaire also opined that Indian investors were increasingly looking at opportunities in Australia across finance, education, healthcare and minerals. His Chandigarh-based firm incidentally handles a large portfolio of family offices and clients.

The remarks came even as a survey published by the Herbert Smith Freehills law firm suggested that more than one-third of large Australian employers are planning to reduce the pay of staffers who continue to work from home. 

The Future of Work Report 2023 surveyed 500 senior managers at companies with more than 1000 employees around the world. It found that organisations were using a mix of “sticks and carrots” and that a pay cut could be implemented in the next three to five years. 37% of those surveyed had plans to “differentiate” pay between remote and in-office staff while 38% insisted that remote work would become a privilege earned through trust and seniority.

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Updated: 07 Nov 2023, 11:02 PM IST