The Bank has today confirmed that it will increase salaries of those staff who are employed under the Enterprise Bargaining Agreement by 4%. The effective date is the 1st July 2007 and the increase will reflect in the pay of the 5th July 2007. This decision follows an overwhelming response from members to recent communications regarding their demand for guaranteed fair annual pay increases.

The Union welcomes this decision but believes that the increase is short of what might be seen as fair and competitive. Staff at all levels and across all business units have contributed significantly to the Bank?s positive results. The same staff have experienced ongoing restructures, continuous change and increasing pressures ? the 4% does not adequately reward people for their efforts and commitment.

Members on some form of contract whether that be AWA, CommSec etc will have to wait to see what their salary reviews produce. Member feedback in previous years has reflected very poor increases ? with the majority reporting increases of somewhere between 0-2%. Hopefully this year the Bank will pass on increases which are ?fair and competitive? to people working under these contracts.

REMEMBER: If you are offered an AWA, contact your Union for information on remuneration data and general advice before making your decision to accept or reject an AWA or any other form of Contract. You can email us on AWAreness@fsunion.org.au

Let me know what you think about the 4% increase by email to KerryBrinkley.CBASecretary@fsunion.org.au