Business · Economy · 13 hrs ago
CBA reaches in-principle pay deal with union for 35,000 staff
Commonwealth Bank and Bankwest have reached an in-principle agreement with the Finance Sector Union after months of negotiations.
The proposed three-year agreement covers 35,000 employees at the Australian bank and its subsidiary.
It includes guaranteed pay rises, with the union saying Tier 1 unpackaged employees would receive a 13% increase over three years.
The deal also sets up an AI committee and provisions for staff support and reskilling as work changes.
Other negotiated changes include paid parental leave rising from 18 to 20 weeks and five days of paid family planning leave covering reproductive health.
Staff will vote on the proposed agreement, and the union says Year 1 pay increases would be backdated to 1 July 2026 and paid after a “Yes” vote.
The Commonwealth Bank and Finance Sector Union have reached an in-principle agreement for a new enterprise agreement covering CBA and Bankwest employees.
The proposed agreement covers 35,000 staff and runs for three years.
The union says the deal guarantees pay increases for everyone in the first year, backdated to 1 July 2026.
The bank’s lowest-paid staff are guaranteed a 13 per cent pay rise over three years, according to the AFR.
The agreement also establishes an artificial intelligence committee and includes measures on workforce change and reskilling.
- Who
- The Commonwealth Bank, its Bankwest subsidiary and the Finance Sector Union.
- What
- They reached an in-principle agreement on a proposed three-year enterprise agreement.
- When
- The agreement was announced on 13 October 2026.
- Where
- Australia; the agreement covers CBA and Bankwest employees.
- Why
- The union says it negotiated improved pay and employment conditions after months of negotiations and campaigning.
This story does not have two clearly opposing sides.
The Finance Sector Union and the bank negotiated and campaigned over a proposed enterprise agreement.
The union confirmed an in-principle agreement covering CBA and Bankwest employees.
- Employees covered
- 35,000
- Agreement term
- Three years
- Guaranteed rise for lowest-paid staff
- 13% over three years
- First-year pay increases
- Backdated to 1 July 2026
- Paid parental leave
- 20 weeks, up from 18 weeks
What people are saying
After months of negotiations and campaigning, we have secured an improved pay offer at CBA and Bankwest.
Sources
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