One of the world’s biggest i-banks reckons Australia is the number one destination for expats. That’s perhaps unsurprising given the land Down Under is typically associated with friendliness, work-life balance and a healthy outdoorsy lifestyle.

The HSBC Expat Explorer survey showed Australia outranked the likes of the US, Singapore, Hong Kong and Canada, despite the prospect of lower salaries. The study looked at 3,385 expats from over 100 countries. A possible drawback for overseas bankers –  Australia’s heavy-handed personal income tax regime seems to have little impact on the country’s popularity.

Oz versus Singapore, Hong Kong

However, Michael Cunningham, partner, Anton Murray Consulting, says: “I wouldn't say that Australia is the most favoured location in the world for expats and I'd expect that is because of our tax system.” He adds that low-taxing Hong Kong and Singapore are still well-liked destinations, especially for bankers with children.

“Singapore and Hong Kong remain very attractive to Australian bankers. Apart from bigger markets and lower tax rates, bankers and their partners often cite the additional free time they have because of affordable maids and baby-sitters,” says a recruiter who prefers anonymity.

Challenges

That said, Australia is certainly a popular stop for bankers from the UK and Ireland who usually arrive with working holiday visas first before trying for a sponsorship. “However with the way the employment market is at the moment in Australia, it's very hard for bankers to get sponsored unless they are at a senior level or have a unique skill-set,” says Cunningham.

In the case of a salesperson, for example, a bank will consider whether candidates can bring relationships to Australia that a local team doesn’t have. “The demand for repat proprietary traders or corporate financiers is very low,” says Luke Heath, chief executive of Chandler Heath Executive Recruitment.

The best way for non-Australians to seek work locally is through their existing bank. “Firms including Citi, BNP, UBS, Deutsche, Bank of America Merrill, and Goldman have all transferred people to Australia,” says Heath.