This summary covers the key improvements we’ve achieved in bargaining by staying strong together.
Scope
- All colleagues in Groups 1 to 6 to be covered by the Agreement.
Duration
- 3-year agreement, with a nominal expiry date of 31 December 2026.
Pay
Fixed increases
- Over 80% of NAB colleagues will be eligible for a fixed pay increase for the first time in a decade.
- Total fixed increases of 5.5%–12.5% (dependent on salary band)
| Your Fixed Reward as at 30 September of the year prior (pro-rated for part time colleagues) | Your Fixed Reward increase from first pay period in January: |
| 2024 | |
| Under 2023 Group 3 minimum pay rate ($110,300) | 5% |
| Between the 2023 Group 3 minimum pay rate ($110,300) to $140,000 | 3.5% + Annual Pay Review |
| Between $140,001 to High Income Threshold | 2.5% + Annual Pay Review |
| 2025 | |
| Under 2024 Group 3 Minimum Pay Rate | 4% |
| 2024 Group 3 Minimum Pay Rate to $146,300 | 2.5% + Annual Pay Review |
| $146,301 to High Income Threshold | 1.5% + Annual Pay Review |
| 2026 | |
| Under 2025 Group 3 Minimum Pay Rate | 3.5% |
| 2025 Group 3 Minimum Pay Rate to $150,689 | 2% + Annual Pay Review |
| $150,690 to High Income Threshold | 1.5% + Annual Pay Review |
- Your Fixed Reward (formerly TEC) is your base salary plus compulsory employer superannuation.
- From 1 July 2023 the High Income Threshold is equivalent to a Fixed Reward of $185,925.
The high-income threshold amount is calculated and communicated by the Fair Work Commission annually plus compulsory employer superannuation guarantee contributions.
Pay
Annual review process
The agreement commits NAB to transparency and accountability including:
- Budgeting and funding of the Annual Review pools,
- Publication of Annual Review pool values,
- Provision of data annually on allocation & spend.
Reconsideration / dispute process
- All colleagues will be able to dispute their Annual Review outcome if they believe it is unfair.
- Representation by the FSU is available throughout the process.
Cost of living payment
- $1000 Cost of living payment to Group 1 to 5 colleagues.
Superannuation
- Clause improved to ensure all future increases will be on top of take-home pay.
End of year payment
- Introduction of an ‘End of year payment’ to replace Annual Leave Loading for Group 1&2 colleagues.
Hours of work & staffing
- Clause and process on determining “reasonable additional hours” including the right to dispute and access TOIL.
- Enhanced workload, staffing and relief clauses.
Working from home
- Introduce a clause providing working from home / hybrid working rights including access to the disputes process where working from home is denied.
- Right to disconnect (making it clear to you that you have the right to disconnect at the conclusion of your working day).
Leave Entitlements
Parental Leave
- Increase paid parental leave from 12 weeks to 16 weeks.
- Removal of primary/secondary definitions allowing both parents to access full parental leave provisions.
- Increase superannuation contributions to include both paid and unpaid period of leave (up too 2 years) and removed the conditional requirements.
Pre-natal and Adoption Leave
- Increased leave to 1 week
- Removed the primary/secondary carer definition.
Pregnancy Loss Leave
- Increased to 2 weeks paid leave prior to 20 weeks gestation.
- Provides parity to parental leave post 20 weeks gestation.
Long Service Leave
- Introduce a 15% cap restriction on any employer direction to take LSL.
- Increase notice period from 4 weeks to 8 weeks.
- 2 year exemption from direction to use LSL when you’re within 4 years from retirement.
Annual Leave
- Removal of 10-day block requirement.
- Can now be taken at half days.
Aboriginal & Torres Strait Islander Leave
- Introduce a clause providing 3 paid days leave for cultural purposes.
Gender Affirmation Leave
- Introduce a clause providing 4 weeks paid and 12 months unpaid leave.
Menopause & menstruation
- Introduce a clause providing flexible workplace arrangements for those experiencing menopause and menstruation.
Mental health
- Introduce a clause recognising the importance of mental health.
RDOs
- Grandfathered to ensure all existing Group 1 and 2 colleagues retain access to RDOs.
- Explicit inclusion of flexibility arrangements (e.g. hybrid/compressed hours) as part of the induction/on-boarding process for new starters.
Change and consultation
- Commitment to trade union rights across NAB.
- Ensuring your voice is heard by establishment of a Joint Consultative Group consisting of FSU and NAB representatives.