Australian Bankers Association

Can you imagine being a bank CEO today? Wouldn’t you be wishing you were leading the bank 10 years ago before the global financial crisis when you could do whatever you wanted without too much fuss?

Fast forward to 2017. Bank CEOs are under intense scrutiny, but still pushing the banks’ profit-driven agenda in the face of scandal after scandal and community anger.

Imagine a workplace where you could be put on a secret register for forgetting to say a word from a call centre script because it would be a breach of company policy. Then, if you left that company and tried to get a new job, your prospective employer would not hire you simply because you were on that register.

You would never know whether you were on that register; you would have no right of appeal; nor would your name ever be removed from it, regardless of whether you were eventually found not guilty of the allegation.

The Finance Sector Union has just signed a new agreement that covers workers in the National Australia Bank. This comes after widespread consultation with National Australia Bank staff and months of negotiations with the bank.

The new agreement guarantees 3% increases; removes the link between sales targets and fixed pay; incorporates the outcomes of the ABA review into product payments over the life of the agreement; and introduces regular forums with NAB decision makers to resolve workplace issues, such as workloads, staffing and relief.

The revelations from the Panama papers continue to reverberate around the world. While the Australian angle has so far been a bit anticlimactic, it did kick off a discussion about the banking sector and tax havens.

Bill Shorten, in an uncharacteristic display of spinal-cord solidification, seized the initiative and announced that the Labor Party would conduct a Royal Commission into the banking industry if elected.

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