RBA workers slam 'copy and paste' pay offer

Reserve Bank of Australia (RBA) workers have vowed to reject the central bank's pay offer for a second time after the Finance Sector Union (FSU) accused management of putting forward an unchanged proposal.

The FSU said RBA staff had voted against a proposed 9.5% pay increase over three years in July, comprising a 3.5% increase in the first year followed by 3% over the next two years.

The union has now lodged a dispute with the Fair Work Commission (FWC), seeking assistance after enterprise agreement negotiations, which began late last year, failed to produce a revised offer.

FSU national secretary Julia Angrisano said hundreds of union members had expressed their opposition to the proposal at a recent meeting and intended to vote against it again if the RBA proceeded with the same offer.

"The RBA are not respecting the collective voice of their workers by putting forward the same pay offer that was rejected in a ballot just over two months ago," Angrisano said.

"Workers made it clear in July that the 9.5% offer wasn't good enough and the bank should have acknowledged that by putting forward something more substantial. Instead, what they got was a copy and paste of the offer they already rejected."

RBA workers have most recently sought an 11% pay increase over three years, alongside an inflation protection mechanism that will trigger additional increases if inflation outpaces wages.

The union has argued the proposed increase does not adequately address cost-of-living pressures or the need to retain skilled staff at the central bank.

"The RBA should be a model employer, but instead they are treating their staff like mugs,' Angrisano said.

"RBA workers are performing a very important service to the Australian public, and they don't need this arrogant dismissal from management regarding their very real cost-of-living concern."

The RBA previously said her proposed increase recognised its employees' contributions while balancing its responsibility to the Australian Public Service and financial sector.

The bank said its research indicated the offer was fair and competitive on a like-for-like basis.

The RBA's latest annual report confirms non-managerial employees are covered by an enterprise agreement, with remuneration benchmarked against financial-sector surveys and other market data.

"Only RBA management can end this war of attrition by listening to their workers," Angrisano said.