“The pay offer from NAB represents an unacceptable real pay cut for our members and fails to address the cost of living crisis currently being faced by more than 30,000 employees covered by the enterprise agreement,” said FSU national secretary Julia Angrisano.

“With costs of utilities and fuel increasing along with food and everyday supermarket items, some members are being forced to economise and take the difficult decision to trim their costs by not turning on heating at home.

“NAB should be delivering real wage rises for its workers instead of a pay cut.”

The union is calling for a 6 per cent wage rise across the board for all employees covered by the agreement.

“Our members are depending on their union and employee representatives to secure the
best possible outcome and to that end, the FSU will continue to engage in ‘good faith’
bargaining with the bank,” said Angrisano.

“However, it is clear that to achieve a positive outcome, NAB’s management will need to acknowledge the enormous cost of living pressures facing our members and be willing to support them with reasonable pay rises.”

Westpac has also been negotiating with the union over a new enterprise agreement, with the bank offering a $1000 one-off payment for employees to help with the cost of living, excluding general managers, executives or the chief executive.

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In an email to staff sent in late August by Westpac’s group executive of human resources, Christine Parker, the bank offered staff a 4 per cent increase for those earning up to $94,000, and 4.5 per cent for those earning between $94,000 and $118,000. These increase to 5.4 per cent and 4.5 per cent respectively with the $1000 bonus.

Westpac also proposes to increase “lifestyle and wellbeing” leave from one to two days, on top of annual leave.