Bank workers pushing for CPI-linked pay increases as inflation surges

24 March 2022

Bankwest staff are demanding a better wage deal from their employer as cost-of-living pressures hits family budgets and prices continue to rise.

Finance Sector Union members negotiating with Bankwest have so far been unable to agree on a new Enterprise Agreement.

But with the price of petrol going up every time workers fill up, and prices of everyday consumer items tipped to increase as well, the Finance Sector Union (FSU) is now calling for pay rises at Bankwest to be linked to the Consumer Price Index (CPI) to take account of the current inflationary spike in the economy.

Finance Sector Union Local Executive Secretary Dianne Marshall said inflation was predicted to surge between 3.5% and 5% and unless workers were granted a CPI-linked wage increase, their buying power would be eroded as prices go up.

“Commonwealth Bank chief executive Matt Comyn predicted last month that inflation would be 3% to 3.5% by midyear but with the price of fuel being forced up by the war in Ukraine and transport costs expected to follow, Mr Comyn’s prediction is already out of date,” Ms Marshall said.

“Bank workers can’t afford to see their pay going backwards and they are now seeking 3.25% or CPI (whichever is greater) in the first year followed by 3% or CPI (whichever is greater) in years two and three.”

“This is the fairest way to make sure wages keep pace with inflation. The Commonwealth Bank owns Bankwest and you can bet senior management will be doing everything they can to maintain profit levels and their massive bonuses.”

Ms Marshall said the CBA Enterprise Agreement is already paying 3.25% in the first year and the Bankwest Agreement should be set at the same rate, plus the CPI safety net.


Media contact John Hill 0412 197 079


Authorised by Julia Angrisano, National Secretary