Union calls on RBA staff to reject pay offer

The Finance Sector Union (FSU) has urged Reserve Bank of Australia (RBA) staff to reject a proposed wage deal, arguing the offer fails to keep pace with inflation and risks driving skilled employees from the central bank.

The dispute centres on a proposed enterprise agreement that would deliver a 9.5% pay increase over three years, beginning with a 3.5% rise in the first year. According to the FSU, the RBA ended negotiations and moved directly to a staff ballot without the agreement of the union or its members.

The union is calling on the central bank to return to the bargaining table and negotiate a higher wage outcome more closely aligned with broader public and private sector pay claims.

FSU national secretary Julia Angrisano said the offer undervalues employees responsible for supporting one of Australia's most influential economic institutions.

"RBA staff are doing a very important and highly scrutinised job and don't deserve to see their wages fall backwards," Angrisano said.

"RBA executives rely on their workforce to provide high level support and advice, and they can't be expected to do it for peanuts," she said.

The union noted the proposed wage increases sit below the current consumer price index of 4.2% and compare unfavourably with wage claims being pursued elsewhere in the Australian Public Service, where workers are seeking increases of 15% over three years.

The FSU warned the proposal could exacerbate staff retention challenges particularly as finance sector employers continue to compete for experienced economists, analysists and policy professionals.

"The union has spoken to staff members who have told us they are eyeing off opportunities elsewhere as a direct result of the enterprise agreement that's been proposed," Angrisano said.

One employee, quoted anonymously by the union, said the offer lagged comparable agreements across the public sector and major banks while failing to reflect ongoing cost of living pressures.

Speaking with Financial Standard, a spokesperson for the RBA said: "The proposed increase recognises our people's contributions while balancing the RBA's responsibility to serve the Australian public.

"The offer considers economic conditions and benchmarking across the Australian Public Service and finance sector. Our industry and benchmarking research show that on a like for like comparison with other organisations, this is a fair and competitive offer."

Voting on the proposed enterprise agreement is scheduled to begin on June 30.