The Commonwealth Bank of Australia has decided not to renew the lease for its west Sydney-based offices anymore, inviting criticisms from advocacy groups.

The NSW government approved the Australian Technology Park deal with the Mirvac Group on Thursday. The CBA then announced that it would no longer renew the lease for its offices in Parramatta, Lidcombe and Sydney Olympic Park. Rather, it would lease 93,000 square metres of space at the Technology Park in Eveleigh by 2020.

The bank has decided to shift the employees from western Sydney to the inner city where the technology park would be built. Critics said the bank’s decision would take jobs far away from urban residents in the western part of the city.

The Western Sydney Leadership Dialogue has criticised the decision by calling it “stupid.” It said that the decision would hurt the bank’s business significantly.

“They should realise the damage they’ll do to their brand in the largest home lending market in Australia,” Chairman Christopher Brown said as quoted by the ABC . “The bank has effectively said to the region, we don’t think you’re necessarily part of our future and I imagine part of western Sydney will re-consider their banking future at the same time.”

Along with the bank, the residents of the region would also be affected as the families will have to see the working members travel long distances for work. The Sydney Business Chamber has scheduled a job summit in western Sydney.

“This decision will leave large gaps in the commercial office markets of Parramatta and Sydney Olympic Park,” the chamber’s western Sydney director David Borger said. “Our region faces an enormous jobs deficit and we need high-value, high-skills jobs to reduce this deficit.”

Contact the writer at feedback@ibtimes.com.au, or let us know what you think below.

RELATED STORIES