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Finance Sector Union (FSU) members are urging all staff at the Reserve Bank of Australia (RBA) to reject a wage deal that has been dubbed as “insulting”, “disappointing” and a “joke of an offer” by workers.

The central bank has offered staff a 9.5% pay rise over three years (starting with a 3.5% rise this year) after walking away from negotiations with the FSU and sending the matter straight to a ballot, without the agreement of the union or its members.

The FSU is calling on the RBA to return to the negotiating table and offer staff a fair wage rise in line with other finance sector employers and the Australian Public Service, where workers are currently calling for a 15% increase over three years.

The proposed pay rises for RBA staff are also below the current consumer price index of 4.2%.

FSU members have already rejected the deal and are advising all other staff to do so when voting on the enterprise agreement begins on 30 June.

The FSU believes that unless a better agreement is reached, well-credentialed RBA staff will leave for more lucrative public and private sector roles, leading to a brain drain at the institution charged with plotting the nation’s economic course.

Finance Sector Union National Secretary Julia Angrisano said:

“RBA staff are doing a very important and highly scrutinised job and don’t deserve to see their wages fall backwards.

“RBA executives rely on their workforce to provide high-level support and advice, and they can’t be expected to do it for peanuts.

“The union has spoken to staff members who have told us they are eyeing off opportunities elsewhere as a direct result of the enterprise agreement that’s been proposed.

“We urge RBA management to reconsider the worth of their workforce and come back with an offer that’s befitting of the crucial work these people do.”

Anonymous quotes from workers:

"The pay offer comes in notably lower than other public sector enterprise agreements and alternative employers, like the major banks. It also fails to reflect the increase in inflation from when the pay rise offer was first made.”

“RBA employees are also everyday people struggling with cost of living and inflationary pressures. Please look at the industry comparisons and pay us fairly.”

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