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CBA Staff Punished for Management’s Bad Decisions

Share Allocation Cut in Half, Despite 2.6% Revenue Increase

CBA employees learned last week that CBA has decided not to grant a full Employee Share Reward. Instead employees will be granted just over 50% of the expected allocation.

This is despite a 2.6% increase in revenue, driven by the hard work and commitment of CBA workers through a very difficult year. It’s time to Change The Rules to ensure employees are properly rewarded for their efforts.

Hard-working employees are paying for the failures of CBA executives

Cash profit is indeed down by 4.8% — that’s due mainly to a $700 million penalty for the AUSTRAC saga, $155 million to pay for costs associated with the Royal Commission, class actions and investigations by the regulators, and $234 million put aside for additional risk and compliance provisions.

These failures all stem from executive decisions, while staff have continued to work hard and achieve excellent results.

Australia’s Workplace Rules Must Change

It’s too easy for an employer like CBA to pass on the results of their bad decisions on to workers, while executives take home obscene bonuses. Corporate profits stay high, but in the last 12 months 4 out of 5 Australians haven’t received a pay rise that has kept up with the cost of living.

The workplace rules in Australia are broken.

Sally McManus from the ACTU has called for employees to tell their stories about the challenge to keep your head above water at a time when profits and CEO pay are up, household bills are up too — but pay rises for working people are at record lows.

Tell Your Story and Help Australia Get a Pay Rise

Can you help by telling your story about why Australia needs a pay rise?

We need new workplace rules to re-balance the system.

To change the rules and win support for our plan to give Australia a pay rise, we need to tell the stories of working people dealing with today’s cost of living pressures.


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Finance Sector Union
Ph: 1300 366 378

Authorised By: Julia Angrisano, National Secretary
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