Commonwealth Bank Pay Agreement Will Boost the Wages of 35,000 Employees Over Three Years
The Australian Financial Review
ENRICHED
Details
- Date Published
- 13 Oct 2026
- Priority Score
- 2
- Australian
- Yes
- Created
- 14 Oct 2026, 12:00 am
Description
A new pay agreement with Australia’s largest white-collar workforce sets a major precedent for the other big banks’ EBA negotiations.
Summary
This enterprise agreement between the Commonwealth Bank and the Finance Sector Union establishes a dedicated artificial intelligence committee to manage technological transitions for 35,000 employees. While primarily focused on labor rights and wage increases, the inclusion of an AI oversight body highlights growing corporate governance concerns regarding the socioeconomic impact of rapid AI deployment. The development underscores a shift in Australian industrial relations toward addressing the displacement and safety risks posed by frontier AI in the financial services sector. It serves as a precedent for how large-scale Australian organizations may structure internal governance to mitigate the risks associated with AI-driven operational shifts.
Body
CompaniesFinancial ServicesBig fourPrint articleJack DerwinFinancial services reporterOct 13, 2026 – 4.02pmThe Commonwealth Bank has ended months of terse union negotiations with an agreement that guarantees 35,000 employees pay rises over three years and establishes an artificial intelligence committee to help staff cope with the changes brought on by the technology.The Finance Sector Union confirmed it had come to an in-principle agreement with Australia’s largest bank and its Bankwest subsidiary on Tuesday after securing a series of hard-won concessions, including a guaranteed 13 per cent pay rise over three years for its lowest-paid staff.Loading...SaveLog in or Subscribe to save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? LoginLicense articleRead MoreBig fourCommonwealth BankWestpac Banking CorporationANZ BankNational Australia BankIndustrial relationsBanking productsTrade unionsFetching latest articles