Westpac Latest Offer Fails to Address Cost of Living

Westpac has provided a revised pay offer that falls well short of what you deserve. Westpac’s latest pay proposal would include:

  • Tier 1 is 4% for 2023 and 3.5% for 2024;
  • Tier 2 is 3.5% for 2023 and 3% for 2024;
  • Above Tier 2 remain on market discretionary pay – no change here.

Your hard work has delivered enormous profits for Westpac. With inflation at 6.1% – its highest rate in 20 years – you deserve better than a real world pay-cut from one of the most profitable companies in Australia.

Westpac know their staff are suffering – thousands of you shared your stories with us for our report, Australia, We Have A Problem, and we made sure WBC management saw that report.

If you’re yet to sign our petition and share your story, you can do so below:

Graphic with the words "The Fix Starts with 6%"

Management is Wrong

For management to make an offer so far below the rate of inflation, while suggesting staff that are struggling should call a financial hardship hotline, is insulting. Management have claimed that their offer reflects the long term and they predict inflation will fall in 2024.

We’d suggest management put their crystal ball away and focus on the here and now. Despite multiple interest rate rises, the Treasurer is predicting inflation will reach 7% by the end of the year. It looks likely to remain high throughout 2023.

Contrary to some claims in the media, wages are not driving this inflation because – as Westpac staff know well – wages aren’t rising. Global factors and corporate profits are driving this inflation and workers need their fair share just to survive.

With their prediction, WBC is placing all the risk of a real wage cut onto their staff and that just isn’t fair.

If you’ve already signed our petition, Westpac has invited staff to provide feedback on their EA and we’re encouraging members to share their stories with management. You can do that here: EA@westpac.com.au

We’re always stronger together so join your union if you’re not a member, and encourage your colleagues to join.

Authorised by Julia Angrisano, National Secretary