WATCH LIVE: RBA governor Philip Lowe fronts a parliamentary committee on economics; Lowe says Australian banks are delivering returns on equity in line with those of overseas institutions. Follow updates here.
Philip Lowe says the 10.5 per cent pay rise he has offered to RBA staff is reasonable and in line with aggregate wages growth.reported on Monday the RBA warned staff they may not receive backpay if they oppose the deal, and the FSU said on Thursday it was taking the central bank to the Fair Work Commission for an alleged breach of good faith bargaining rules.
“The offer we’re making to our staff is similar to the average pay increase of Australians,” Lowe tells Labor MP Jerome Laxale. “I think it’s clear and reasonable that the pay increases at the RBA are in line with the pay increases for the Australians. “The proposed pay rise – 4 per cent in the first year, 3.5 per cent in the second year, and 3 per cent in the third year – is reasonable,” Lowe tells Laxale.Lowe says the resignation rate among RBA employees fell back to its pre-pandemic level of 8 per cent last year, after jumping to 13 per cent last year on the back of a tight labour market, especially for IT jobs.
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