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Commonwealth Bank Statement in response to Analyst Report of 28 June 2004:

30 June 2004

The Finance Sector Union has been publicly claiming that "CBA currently pays less than all of the other major banks, but they are currently 7.8% behind what National Australia Bank is paying staff to serve its customers".(1)

The Commonwealth Bank refutes these claims and, in fact, the FSU itself published material on its website on 18 May 2004 contradicting its own claims.(2)

A copy of the table published in the 18 May article is reproduced below and amended to take into account the Commonwealth Bank’s 4% pay increase to staff, effective from 1 July 2004.

 

                                                                Comm              Comm
                                       ANZ     NAB      Bank **             Bank ***             Westpac**

 

ANZ

NAB

Comm
Bank**

 

Comm Bank***

Westpac**

Teller

32,440

34,218

GC 2 31,839

GC 3 33,515

GC2
33,113

GC3
34,856

CSR 1 32,432

CSR 2 35,700

Sales/lender

35,122

41,392

41,219

42,868

36,212

Branch Manager

39,321

48,740

44,123

45,888

47,680

Telephone consultant

34,145

36,135

35,190

36,598

34,137

Team Leader – Tele-sales

42,278

48,740

50,379

52,394

41,461


All banks, except ANZ, are committed to increases of 4 - 4.5% under their agreements with FSU. 
**Commonwealth and Westpac are currently negotiating their new agreements.
*** This column has been added to reflect increase to be paid from 1 July 2004.

As well as the competitive base salary that includes a 4% increase from 1 July 2004, staff participate in a short term bonus program of between 3% and 15% of their base salary each and also participate in a performance based free share grant program.

Staff members receiving the free shares since the program commenced in 1996 and who have reinvested the dividends would have a share holding valued at $14,744.24.

Historically, EBA salary data has been compared based on Hay points (which is a methodology for measuring the size of roles – the Commonwealth Bank no long uses Hay points). Based on changes in roles in the industry during recent years, this basis for comparison is no longer appropriate.

Comparing salary data for roles/job families as in the table above provides a more accurate basis for comparison and is consistent with the methodology for broader industry salary surveys.

  1. Sharon Caddie, FSU Media Conference 25 June 2004
  2. FSU article Tuesday 18 May 2004 – ANZ Pay – Does not stack up