‘Inadequate’: Central Bank Staff Reject 10.5 Percent Pay Rise Offer

An ibis bird perches next to the Reserve Bank of Australia headquarters in central Sydney, Australia, on Feb. 6, 2018. Daniel Munoz/Reuters

The majority of staff at the Reserve Bank of Australia (RBA) have voted down a 10.5 percent pay offer, saying it failed to adequately address the current cost of living challenges.

The RBA offered its staff a pay increase of 10.5 percent over three years: a 4 percent increase from the start of the agreement, 3.5 percent from September 2024, and 3 percent from September 2025.