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Workers at the Commonwealth Bank of Australia (CBA) have finally been offered a genuine pay rise, after months of relentless pressure from staff and the Finance Sector Union (FSU).  

Faced with the prospect of CBA workers protesting at Wednesday's AGM, CBA presented the union with an improved offer that will see workers on the lowest pay band get a 13% pay increase over three years.  

This would be the highest pay outcome in the banking sector – an offer befitting Australia’s richest bank, which recently posted a record $11 billion profit.  

The new offer also includes up to an additional 6.5% guaranteed pay rise for higher paid Tier 3 and 4 employees compared to what CBA was previously offering. 

The offer still requires a formal vote of all CBA workers but it is significantly better than previous proposals, which would have seen wage rises eaten by inflation.  

This outcome is the result of months of negotiations with the union and a worker-led campaign to lift the lid on what it is really like to work at Australia’s biggest bank.  

Thousands of workers signed a petition addressed to CEO Matt Comyn and shared their stories about fears of homelessness, having to take second jobs and turning off their heating to make ends meet.   

The FSU has also secured commitments from the bank regarding key workplace conditions, including 5 days paid reproductive leave, a two-week increase to paid parental leave (20 weeks total for all parents), simplified performance pay, greater consultation when setting KPIs, and the introduction of an artificial intelligence committee.  

Quotes attributable to FSU Acting National Secretary Nicole McPherson: 

"This new offer from CBA is a reminder that no institution is powerful enough to resist workers who are organised and determined to get a fair deal – even if that institution posts a record $11 billion profit," Ms McPherson said.  

"CBA's previous below-inflation pay offers were insulting to workers and only motivated them to demand a fairer share of the profits they helped to create.  

“The FSU congratulates our members for standing up and exposing conditions at Australia’s richest bank.  

“Most CBA workers aren’t well-paid CEOs or executives – they are workers simply trying to make ends meet, and they deserve to be paid fairly." 

“Their victory demonstrates the power of union activism in today's dynamic industrial relations landscape." 

ENDS 

Media contact: Sam Burgess 0434 165 630 or [email protected]