As for offshoring, the government's line is that it has been happening since the 1980s.

Offshoring: coming soon to a job near you

A Treasury spokesman said a number of the recommendations dealt with the tax treatment of Australian businesses, and the government was implementing some changes.

When asked whether there was structural change occurring within banking - not simply a blip brought about by lower activity - he defended the strength of the sector, and the increased competition occurring within it.

''The earnings announcement by the big four banks this week have shown that the banks remain highly profitable,'' he said.

As for offshoring, the government's line is that it has been happening since the 1980s. It allows businesses to take advantage of lower costs - and in the process gave Australians lower priced products and services.