Commonwealth Bank refutes ACTU allegations

29 November 2006

The Commonwealth Bank strongly refutes the misleading allegations made by the ACTU. The Bank has good relations with its staff as measured by strong internal and external staff engagement scores.

The Bank has in place an Australian Workplace Agreement which better provides the Bank with the flexibility it needs to meet customer needs in today’s changing environment. For example 24/7 call centres.

The Bank confirms that employees currently employed under the Bank’s Enterprise Bargaining Agreement can remain under the terms of that agreement and will continue to receive overtime, shift allowance, public holiday pay, rest breaks, RDOs and other basic entitlements.

No staff member employed under the EBA is being forced to move to an Australian Workplace Agreement. The Commonwealth Bank clearly supports fair working practices, including the right to choose.

Commonwealth Bank staff covered under the EBA have continued to receive salary increases, including a 4% per annum increase from 1 July 2006.

The terms and conditions, including remuneration, offered in the AWAs reflect the full range of benefits to employees.

The Bank, as it always has, will continue to talk to staff around matters such as their individual working hours. It has to work for both parties and we are committed to that approach.