We’ve met with management about your pay and conditions

Dear colleagues,

We’ve had three bargaining meetings with RBA management for a new Enterprise Agreement (EA).

The first meeting was more formalities and the RBA HR Team and an externally contracted Industrial Relations Consultant indicated that the bank didn’t have an appetite to negotiate a new agreement and wants to “roll over” the current EA.

However, this is a two-way street and in the second meeting the FSU was able to present our member log of claims which includes:

  1. Industry leading pay and conditions.
  2. Progressive leave entitlements for Aboriginal and Torres Strait Islanders, gender diverse employees and other diverse groups, and reproductive health care leave.
  3. Improvements to job security and your rights to be consulted during change.

Please complete this quick poll so we can get an idea of your feelings toward some of these key claims, before we meet with management again.

Your bargaining reps have complied a more comprehensive overview of the meetings with management below.

Rollover of existing agreement

In the Bank’s recent Workplace Agreement update published on 19 June, they advised their intention is to rollover the expiring agreement with no significant changes.

In this update they have neglected to state that they will be removing the alignment of salary increases to the private sector Wage Price Index (WPI). This is a significant change to current arrangements that the Bank themselves implemented in 2021. This change could have significant implications for our members and we must stand united to ensure the best outcome for employees.

Pay increase

It is crucial to note that the Bank’s position on pay increases does not align with the current WPI projections, as outlined in the recent federal budget. The Bank’s website itself states that WPI is expected to be above 3% in 2025.

The FSU will be calling for an industry leading pay increase much greater than what has been offered by the Bank and we will keep you updated on this proposed rate as negotiations progress. We need to ensure that our pay increases are reflective of the economic reality and can keep up with this current period of high inflation.

APS pay increases

Another concerning development is the Bank’s attempt to reference APS pay increases, which have been rejected by an overwhelming 86% of the APS staff through a ballot.

It is evident that the APS proposed pay increases are not in line with what the majority of APS employees believe is fair and reasonable. RBA staff do not hold voting power on APS pay increases and we should not allow our pay and conditions to be guided by a system we do not have a vote in – we must assert our own voice and negotiate for what we deserve.

External projects

The Bank has also stated its reluctance to make significant changes to the Enterprise Agreement due to ongoing external projects, such as 65MP, the Bank Review, and the IT Incident Review.

However, these are all unrelated to employee pay and conditions. While we acknowledge the importance of managing external projects, we cannot allow our rights and entitlements to be compromised. We need to ensure that our interests are protected and we shouldn’t be locked into an unsuitable three-year agreement just because the Bank is too busy with these unrelated projects.

Job security

A recent bank review has raised concerns about the capping of head counts, and an IT Incident Review has expressed worries about staff retention. These issues directly impact our job security and work environment. We need to address these concerns through our negotiations to secure favourable outcomes that benefit all members.

Many of you will have recently heard about the outcomes of the Pay Review, with underpayments totalling over $1 million reclaimed for current and former staff. This fantastic win was achieved through the perseverance of your reps, which led to the Bank undertaking a review. It’s a great example of how we win and can achieve great things through strong union representation.

Which is why as your Bargaining Team working for you, we want to emphasise the importance of joining your union. Unity is our strength, and the more members we have, the louder our collective voice will be.

If any of your colleagues want to be a part of these crucial conversations, please encourage them to become members or have them reach out to one of your workplace representatives for more information. Let’s ensure that everyone’s voice is heard, and we can negotiate a fair and equitable Agreement that reflects our needs and aspirations.

In unity,

Your FSU Representatives
Sarah Gallagher, David Symonds, Jason Jux, Luke Latter,