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Fat pay packets and a sense of adventure have long lured our brightest young accountants and bankers overseas.  But that career move is being tested as the global credit crunch hits even harder overseas than at home and the world's financial centres struggle with the slowdown.

Some expatriates are coming home because the labour market, though far from buoyant, is being insulated from the downturn by Australia's commodity boom.

The chief executive of the Australian Bankers Association, David Bell, says our banking system is in pretty good shape. "Banks are a bellwether for the general economy and the general economy in Australia is doing well relative to a lot of other countries.  "Credit is slowing, retail is soft and building approvals are down but unemployment is still only at around 4 per cent, the resource boom is continuing and if you had to be anywhere, Australia would be it."

The banks have yet to see a big influx of people returning but recruitment firms are reporting a marked increase in inquiries from Australians and other nationals looking for work.

"For at least the last six months we've seen a pick-up in returnees and also those from offshore expressing an interest in coming out here," says Jon Michel of specialist financial recruiter Jon Michel Executive Search.   "It may be an appropriate time in terms of career opportunities or they're doing it purely on the basis of economic offshore conditions. Sometimes it's a combination of different factors.  "It may be that they are planning on coming back and the market is acting as a catalyst for making that career decision now.  "The opportunities for people here to go offshore are becoming increasingly difficult as well."

Michel warns that those considering returning may not find it that easy to secure work in the finance sector, with vacancies filling fast.

"For the first six months of this year, people were going back where they wanted to and there were a number of investment banking opportunities, but now it's becoming harder - particularly for those at the more senior levels where the number of roles drop off."

Simon Tobin of specialist recruiter Michael Page agrees.

"It's not straightforward for some heavyweight investment banker to parachute into an equivalent position in the Australian market," he says. "The jobs just aren't there."

But Tobin says Australians are unlikely to abandon the well-trodden path of overseas travel to gain experience in a larger arena. "The Australian financial services market is a significant sector but the size and scale is certainly not [a match for] New York or London or Hong Kong."

Andrew Russell, who lives in Brisbane, had planned to work long-term in Britain before the downturn forced him and his family home after just 13 months.
It was not primarily economics that brought the Russells back, though. "My wife, son and I decided that we needed a few hours of sunshine a month," he says. "I came back to Australia for a variety of reasons but the most important one was lifestyle. I was happy to get home to the warmer weather."

He had worked for Suncorp and EDS in Australia but his experience working with the "terrific people at the Brisbane customer care centre" nine years earlier drew him to apply for a job with his previous employer, the Commonwealth Bank.

First published by smh.com.au on August 23 2008