Commonwealth Bank to pay 4% salary increase to Staff

22 June 2004

The Commonwealth Bank today informed staff covered by its EBAs that they will receive a 4% pa salary increase, effective from 1 July 2004.

The Bank’s Chief Executive Officer, David Murray said, "We told our staff in February that we wanted a fair and quick EBA outcome. We have been negotiating with the union for over 3 months, but there is no realistic prospect of an agreement being reached in the near future. The Bank believes it is unreasonable to delay paying staff the 4% increase."

The Bank will continue to seek a negotiated agreement with the FSU that is fair to staff and meets the Bank’s business needs. In the meantime, the Bank’s current EBAs and annual short term bonus and employee share plan arrangements will continue to apply.

Bryan Fitzgerald
General Manager,
Media and Community