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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.

"Let's take the big banks head on over their crimes and their attempts to cover up their massive financial rip-offs, and nationalise them under workers' and community control," Peter Boyle, Socialist Alliance candidate for the seat of Sydney in the upcoming federal election, said on April 14. Boyle was responding to reports the banks were considering a huge advertising blitz against plans by the Greens and the Labor Party to launch a Royal Commission into the banking and finance sectors.

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.