The facts
The Reserve Bank of Australia (RBA) has presented its staff with a new three-year pay offer amounting to 9.5%, with annual increases of 3.7%, 3%, and 2.8%. This proposal was communicated to staff by Governor Michele Bullock shortly after the RBA announced an interest rate increase. The offer is nearly identical to a previous proposal that 54% of staff rejected in July. RBA employees had sought an 11% pay rise over three years or an increase that matches inflation, whichever is higher, along with backpay and protections for remote work. The RBA rejected these demands. Inflation stood at 4% in the year to August, meaning the proposed pay increases would not keep pace with the rising cost of living. Governor Bullock acknowledged that wages are not keeping up with costs, but the bank has also stated that faster wage growth contributes to inflation. The Finance Sector Union, representing the RBA staff, has deemed the revised offer unacceptable and warned of potential staff departures. The RBA has faced increased staffing costs and significant expenses related to renovating its Sydney headquarters.
Our take
The Reserve Bank of Australia is a pack of hypocritical, self-serving cunts. They just spent the day jacking up interest rates for the entire country, then scuttled back to their own staff to offer them a pay cut disguised as a raise. Governor Michele Bullock, the absolute prick in charge, had the gall to acknowledge wages aren't keeping up with costs while shoving a 9.5 percent over three years offer down her employees' throats. That's a pathetic 3.7, then 3, then 2.8 percent a year, while inflation is sitting at 4 percent. It's a fucking pay cut. They are literally telling the people who run the country's monetary policy to go get poorer. It's like a fire brigade setting your house alight, then charging you for the water they piss on it.
This isn't even a new idea. It's the same shitty offer that 54 percent of staff already told them to shove up their ass in July. The staff, who aren't complete morons, asked for 11 percent or an inflation match, plus backpay and remote work rights. The RBA's response? Fuck you, peasants. The bank's excuse is that faster wage growth fuels inflation. Right. So the solution is to personally ensure their own workers' wages don't grow at all. The breathtaking arrogance of these dickheads is matched only by their cowardice. They'll use economic theory as a cudgel against their own team while spending a fortune renovating their Sydney palace. They've got money for marble countertops and ergonomic chairs, but not for the people who actually show up to work.
The Finance Sector Union says the offer is unacceptable and staff might leave. No shit. Why would anyone with half a brain stay and work for this pack of grifting bastards? You'd get more respect and a better deal flipping burgers. Governor Bullock and her board of clowns are so up their own asses with economic theory they've forgotten basic human decency. They are the embodiment of 'rules for thee, not for me.' They get to play with the nation's economy like it's a fucking video game, causing real pain for millions, while ensuring their own little fiefdom is insulated from the consequences. They are a joke, a farce, and a collective dickhead move wearing suits. The only thing inflating faster than consumer prices is the egos of these useless cunts.
