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The Finance Sector Union (FSU) says today’s profit announcement by the Commonwealth Bank of Australia (CBA) bolsters the union’s case for an inflation-busting pay rise for its workers.  

CBA’s announcement of a net after-tax profit of $11 billion comes after a year of savage job cuts and offshoring as the workers who delivered the profit wait for the bank to agree to a new, and overdue, Enterprise Agreement. 

The FSU is seeking a fair 5% pay increase per year for the majority of the bank’s 37,000 employees as well as guarantees around job security, safe workloads and staffing, and flexible work.  

Despite 10 meetings with CBA since February, the bank only presented the FSU with its counter-offer last week.  

The offer will lead to a decline in real wages as around two thirds of staff will receive a wage increase below the Consumer Price Index in the first year.  

About 70% of its workforce receive up to 8.75% over three years and some will miss out on a wage increase altogether.   

CBA’s minimum pay rate is $29.26 per hour, less than $3 above the national minimum rate ($26.44 per hour) and only slightly more than a Bunnings employee who can earn $28.64 per hour, with the added benefit of five weeks leave and a nine-day fortnight. 

CEO Matt Comyn won’t have to worry about inflation however, he upped his total annual pay packet to more than $9 million, 150 times the annual pay (before-tax) of the lowest paid CBA worker.  

The FSU believes the pay disparity between those at the top of the organisation and those at the coalface is embarrassing for a bank that was once the financial standard-bearer of our nation.  

CBA has axed 850 jobs this calendar year and its leadership has been vocal about the potential for AI to usher in further workforce ‘efficiencies’. 

It’s not all doom and gloom however, the bank’s Bengaluru (Bangalore) workforce has expanded by more than 143% over the past five years. 

Quotes attributable to Finance Sector Union National Secretary Julia Angrisano:  

“The CBA’s remaining Australian workforce is demoralised, struggling to make ends meet and anxious about the future,” Ms Angrisano said.  

“Today’s profit announcement, made while management dithers over the Enterprise Agreement, is just the latest insult.  

“The only decent thing left for the CBA to do is accept the FSU’s request of a 5% pay increase and provide genuine clarity around job security and conditions. 

“CBA ought to be ashamed that some of its full time employees have to take second jobs.  

“I think most Australians will be appalled to know that finance professionals tasked with looking after their money barely earn more than someone on the minimum wage. 

“The bank should also justify the ‘A’ in its title and stop sending Australian jobs offshore.” 

Quotes from anonymous CBA workers: 

Andrew has worked full time at CBA in retail banking for 15 years. He works a second job just to meet his mortgage repayments.  

“I work weekends and weeknights, sometimes three or four nights a week,” Andrew said. 

“It’s not ideal, I’d rather be at home with my family but you’ve got to do what you have to do.  

“A pay rise above inflation is all that I’m asking for. I know they can afford it.”  

Jane is a sole parent who works full time in a customer service role and has a second job.  

“I haven’t put the gas heater on all winter, I don’t know what I’m going to do if my rent goes up again,” she said 

“The annual bonus they are offering instead of a pay rise is ridiculous. 

“In any case they’re always moving the goalposts when it comes to bonuses so some of us won't even get it. 

“Our bills don’t come once a year, they come all the time that’s why a pay increase above CPI is the least they can do.”