Westpac workers have managed to break the link between targets and annual salary in the recent Enterprise Agreement (EA) negotiations between Westpac and the Finance Sector Union (FSU). After two months of negotiations, including a petition signed by workers across the Westpac Group, FSU negotiators reached an “in principle” agreement effective from 2016. The link between targets and annual salary increases has been broken, with staff only required to meet minimum behaviour standards and complete compulsory compliance training — which 98% of staff achieved in the last two years.
If you want evidence that the corporate rich are turning “sustainable” into a dirty word, then consider the recent award won by Australian bank Westpac. At last month’s World Economic Forum in Davos, Switzerland, the bank was named the most sustainable company in the world.
US gangster Al Capone once said: “Capitalism is the legitimate racket of the ruling class.” 19th century US president Thomas Jefferson said: “Banking institutions are more dangerous to our liberties than standing armies.” These quotes capture the bastard nature of the dangerous racket that is the Australian banking cartel. See also: Socialist candidate says fight private bank ripoffs
Australia’s big banks would like you to think they care about climate change and the environment. But don’t believe them. A new report by Greenpeace Australia has revealed the “big four” — Westpac, ANZ, Commonwealth and NAB — are investing billions of dollars in Australia’s dirty coal boom. Burning coal for energy is Australia’s single biggest contributor to climate change, making more than a third of the country’s greenhouse gas pollution. Australia is also the world’s biggest coal exporter — and the export trade is growing fast.