Staff at the Reserve Bank of Australia have voted to reject the Bank’s Enterprise Agreement offer and the parties will now return to the negotiating table.

57% of staff sent a resounding message to the RBA Board that its pay offer was unacceptable.

The RBA had offered staff pay increases of 4 per cent on commencement of the new agreement; 3.5 per cent from September 2024; and 3 per cent from September 2025.

The Finance Sector Union (FSU) had recommended that its members vote no to the RBA offer as it failed to deal with cost of living pressures and fell below industry standards.

FSU National Assistant Secretary Jason Hall said it was clear from the No vote that staff at the RBA are very unhappy with the Bank’s inadequate offer.

“We hope the RBA now understands that it must deal with the expectations of its workforce and substantially increase this pay offer.”

“And we welcome the comments by the RBA in the wake of this vote that it is willing to return to the negotiating table.”

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