Why did Reserve Bank of Australia employees reject the enterprise bargaining agreement?

A majority of Reserve Bank of Australia staff rejected the proposed agreement because the 9.5 per cent wage increase over three years fell short of inflation. The Finance Sector Union stated that employees require higher pay and formal work-from-home protections to manage rising cost-of-living pressures.

What are the financial terms of the wage increases requested by the union?

The Finance Sector Union requested a 12.5% wage increase over three years for Reserve Bank of Australia employees, compared to the bank's offer of 9.5%. The union also requested an inflation-protection mechanism to trigger further pay rises if prices rise faster than wages.

How has headcount changed at the Reserve Bank of Australia in recent years?

The Reserve Bank of Australia expanded its total workforce by 43% since 2022, bringing the headcount to 2,039 employees. This growth occurred primarily within information technology and corporate support business units.

What are the projected head office renovation costs for the Reserve Bank of Australia?

The Reserve Bank of Australia expects its ongoing head office renovation project to cost $1.2 billion following a budget blowout. This capital expenditure coincides with broader rising operating costs at the central bank.

What is the immediate market and stock impact on the Reserve Bank of Australia?

The Reserve Bank of Australia share price was unchanged at $0.00 following the announcement because the central bank is a public institution and does not have publicly traded shares. The ballot results instead impact the broader economy by increasing pressure on management to resume wage negotiations.

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Reserve Bank of Australia staff reject 9.5% pay rise

Written by Liezl GambePublished Jul 3, 2026, 6:50 AM

A majority of Reserve Bank of Australia employees rejected a proposed 9.5% wage increase.
The vote forces management back to bargaining with the Finance Sector Union amid rising operational costs.
The union seeks higher pay increases and formal work-from-home rights to match rising cost-of-living pressures.

The Reserve Bank of Australia staff rejected a proposed 9.5% pay rise offer over three years.

A total of 54% of employees voted against the enterprise bargaining agreement in a recent ballot.

The Finance Sector Union requested a 12.5% wage increase alongside formal work-from-home protections.

The central bank currently faces escalating operating costs, which rose 74% to $750 million.

Following the announcement, the Reserve Bank of Australia share price was unchanged at $0.00.

The headcount at the institution expanded by 43% to 2,039 employees since 2022.

Additionally, the ongoing renovation of the bank's head office is projected to cost $1.2 billion.