With European banks tightening their belts when it comes to IT budgets, techies might want to consider a move down under. Australian retail banks look set to splurge and are jostling for candidates for hundreds of new positions.

Firms are planning to upgrade their IT systems and are going to spend lots of money doing so. National Australia Bank, which expects its upgrade to cost AU$1bn (£466m), is talking 600 new jobs. It will be sending some of its technology platforms and systems offshore, but would not comment on timing, headcount numbers or locations for the offshoring, according to The Australian. CBA has put an AU$580m price tag on its revamp.

“There’s a very limited pool of expertise for some software,” says Sam Vargas at recruiter Robert Walters in Sydney. “Interest will be in application development and delivery, especially skilled consultants in SAP and Oracle technologies, or those with expertise implementing banking processes,” he adds.

Duncan Amos at recruiter Bluefin Resources says the jobs most in demand will be business analysts and project managers. There will also be positions for technical/solutions architects, application developers, EAI specialists, data converters, testers and change managers.

The problem is that pay isn’t exactly up to the levels IT professionals working in UK banks would expect. Nicole Gorton at recruitment firm Robert Half says a business analyst earns AU$80k-$120k (£37.3k-£55.9k), with variable bonuses. Data converters earn about AU$50k-$70k and systems accountants AU$80k-$120k.

And Spencer Stirrat at recruiter Hudson says hiring activity is still in the early stages as banks are talking to IT consultancies and considering the extent of the upgrades, but the word is out. “People with integration-based skills, developers, business analysts, transition and project managers will all be in demand,” he adds.