On November 12, ANZ CEO Nuno Matos called for the establishment of a global regulatory framework at a parliamentary hearing in Canberra to address artificial intelligence's impact on the labor market. He warned that without regulation, it could trigger an international crisis. Matos stated that if large-scale layoffs of up to 50% occur, there would be a global crisis—not limited to Australia—and this is one of the very few situations requiring global regulatory intervention to ensure society does not fall into difficulty. In recent years, Australia's banking sector has adopted artificial intelligence alongside waves of layoffs amid a challenging economic environment. Skeptics such as the Finance Sector Union of Australia have accused banks of using artificial intelligence to replace employees. Matos hopes governments around the world will work together to ensure the technology does not trigger global social problems.