We’re negotiating our new RBA Workplace Agreement right now – and the RBA Governor has told staff and FSU representatives that the Bank intends to apply the Government’s restrictive wage policy in our new Agreement.
This negative policy would cap RBA pay at the private sector WPI each year (currently at 1.4%), with no other avenue for salary increases. It would lock us in to this for THREE YEARS.
There’s no legal obligation for the RBA to adopt this policy. The Reserve Bank Act 1959 sets out the RBA’s independence on setting remuneration. RBA is free to make its own decisions about wage growth – and to lead our economic recovery by example.
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