The RBA says it new enterprise deal complies with the public sector pay cap in the Federal Government's workplace bargaining policy, despite delivering a guaranteed pay rise of 2.9% in the first year and what is likely to be about 4% in the second year.
Wage rises in private sector enterprise agreements remain marooned at 2.6%, while public sector increases have dropped back to recent trends, according to new Attorney-General's Department data that appears to confirm that the pandemic has accelerated the long-running decline in bargaining.
The CPSU has stepped up its criticism of the Morrison Government's public sector wages policy, saying it demands that workers sign up to "unknown" pay rises beyond the first year of new enterprise deals.
The RBA's board has rejected suggestions that recent wage pressures flowing from the unexpectedly rapid economic recovery, sub-5% unemployment and closed borders is leading to more generalised pay rises in the short term, while the bank's intelligence-gathering indicates employers are not planning catch-up increases for workers subjected to wage freezes.
The FWC has signed off on a new deal for almost 50,000 Commonwealth Bank employees after the employer committed to delivering on the pre-vote impression that everyone would receive a pay rise.
Bargained wage rises in the private sector show little sign of pushing towards the "materially higher" benchmark set by the RBA, growing at 2.6% for the second quarter in a row, while public sector bargaining collapsed.
Qube Logistics must backpay two 3% increases held to be payable until it re-negotiated a rail deal, after a full Federal Court today upheld a finding that re-negotiation takes place when an agreement comes into force rather than when bargaining begins.
The AEU's Victorian branch has unveiled a push for annual pay rises of 7% over three years for government school teachers, plus reduced face-to-face teaching hours and smaller class sizes.
DP World will notify the MUA of automation plans nine months before implementation and pay an additional 15 weeks severance for related redundancies, under new agreements that crossed their final hurdle last week when Melbourne dock workers voted in favour.
The RBA is warning that wage growth won't be "materially higher" for at least three years, while Centre for Future Work analysis suggests that the proposed Omnibus Bill provision permitting approval of BOOT-failing agreements will further hamper any recovery in pay rises.
