RBA staff consider strike over pay after talks stall

The news: Reserve Bank staff are considering striking for more pay after the Finance Sector Union called the central bank's counter-offer on wages "insulting and disappointing" in recent enterprise bargaining negotiations, Bloomberg reports. The union is calling on new governor Michele Bullock to step in to resolve the dispute and prevent industrial action.

The numbers: The RBA increased its three-year pay increase offer from 10.5% to 11%, which the FSU called "next to negligible". The offer included uncapped domestic violence leave, a two-year window to take paid parental leave and the removal of a salary cap, but it denied requests including enshrined work-from-home conditions, superannuation contributions of 17.5% and uncapped emergency responder leave.

The context: The union said the pay offer put RBA staff at the bottom of the ladder compared to counterparts at commercial banks and the Australian public service.