Commonwealth Bank to appeal Federal Court decision

16 December 2005

The Commonwealth Bank will appeal both the Federal Court decision and the penalty ruling handed down today in the CommSec case.

The Bank said that it disagreed with the Court’s reasoning and the penalties were excessive.

The Bank takes its employment obligations very seriously and was not seeking to avoid industrial regulation by offering CommSec contracts.

The 73 employees who joined the Bank’s subsidiary, CommSec, did so by choice and were not financially disadvantaged.

The Bank firmly remains of the view that it did not disadvantage any employee whether they chose to move to CommSec or remain with the Bank.


Media contacts:

Bryan Fitzgerald
General Manager, Media
Telephone: (02) 9378 2663
0414 789 649