Workers at its note-printing subsidiary vote for industrial action, demanding same pay rise RBA gave its banking staff

This article is more than 2 years old

This article is more than 2 years old

The Reserve Bank governor, Philip Lowe might be urging employers to lift wages in the interests of the broader economy, but it appears the RBA is not so keen to see strong wage rises in its own backyard.



The RBA’s subsidiary, Note Printing Australia is facing industrial action from its workers at the money printing facility after the workers rejected an offer of pay rises of 2% a year.

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The workers voted overwhelmingly to take protected industrial action in pursuit of a better deal. The workers want Note Printing to give them at least 3.5%.

In June last year, Lowe began a campaign to urge workers to seek higher higher wages, saying that in the current climate of low unemployment they should not be afraid to ask for a greater share of the economy’s profits.

Economists are warning that sustained low wages growth is threatening to stall the nation’s economic growth.

In February, Lowe told a House of Representatives committee he wanted to keep interest rates low in order to reduce unemployment and lift wages.

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He told the committee he was concerned that annual wage growth near 2% was becoming seen as the new norm. He said a 2.5% inflation rate was consistent with a 3.5% lift in wages.

Australian Manufacturing Workers’ Union (AMWU) print assistant secretary Tony Piccolo said the RBA was being revealed as a “hypocrite” for denying Note Printing Australia workers fair pay rises while calling for pay rises to boost the economy.

“RBA boss Phillip Lowe called on business to lift wages to boost household incomes and keep the economy on track, yet he won’t deliver this for his own workforce,” said Piccolo.

“Dr Lowe told Parliament in February that he wanted to see 3.5% wage rises across the country. Then why is he refusing to acknowledge the hard work of his own workers with a 3.5% pay rise – rather than the 2% he’s offering, which is barely above inflation?” he said.

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Electrical Trades Union (ETU) Victoria secretary Troy Gray said, “We support Dr Lowe’s calls for wage rises. But he needs to get his own house in order before he next approaches the pulpit.



“If even the people who literally print money won’t treat their workers with respect and fairness, then clearly we have to change the rules so workers can get the pay rises we deserve. Even the Reserve Bank won’t give workers a pay rise willingly.”

The unions want the RBA to sit down and negotiate a fair pay rise.

The RBA declined to comment. In 2017 the RBA negotiated a new three-year workplace agreement with its bank staff which provides for a performance-based salary increase distributed from a pool equivalent to 2% of salaries.