RBA Staff Pay Offer Rejected After Rate Hike

The dispute follows a rapid expansion of the RBA workforce, which grew from about 1,400 employees in 2021 to roughly 2,000 in 2025. Correspondingly, annual staff costs rose to $394.9 million as of June 2025. The bank is also spending an additional $1 billion to renovate its historic Sydney headquarters after asbestos was discovered and construction costs surged. These financial pressures coincide with a broader public-service pay debate, as the Albanese government faces a request for a 15% pay rise over three years for federal employees.

The Guardian

• Current RBA offer: 9.5% total over three years (3.7% / 3% / 2.8%).

The Guardian

• July offer that was rejected: 3.5% / 3% / 3%.

The Guardian

• Staff demand: 11% total over three years or an inflation-matched increase.

The Guardian

• Headcount: ~1,400 (2021) -> ~2,000 (2025).

The Guardian

• Annual staff cost: $394.9 million (June 2025).

The Guardian

• Renovation budget: $1 billion.

The Guardian

• Federal public-service pay request: 15% over three years.

The Guardian

• A vote on the RBA pay offer is expected between 15 and 19 October (scheduled).

The Guardian

In an email to staff, she emphasized the need to balance employee concerns with the RBA’s responsibility to contain inflation, warning that “inflationary pressure” is baked into any generous wage increase. At a parliamentary hearing, Bullock reiterated that the bank must keep unit-labour costs below its 2.5% target to achieve broader inflation-reduction goals.

The Guardian

The Finance Sector Union (FSU) described the revised offer as “unacceptable” and warned that staff may quit in search of other employment. Union national secretary Julia Angrisano argued that the RBA should be a “model employer” and accused senior management of treating staff “like mugs.” Unnamed employees reported a loss of trust in senior management and described the situation as “pretty incensed,” fearing it could undermine the bank’s work.

The Guardian

• “People are feeling, quite rightly, very annoyed and very upset about the fact that the costs of everything are rising, that their wages are not keeping pace with that [inflation],” — Michele Bullock

The Guardian

• “That’s got inflationary pressure baked into it, and while that is the case we’re going to have to be concerned about bringing inflation down,” — Michele Bullock

The Guardian

• “The RBA should be a model employer, but instead they are treating their staff like mugs,” — Julia Angrisano, the FSU national secretary

The Guardian