Plan to scrap separate Bankwest workforce agreements sparks backlash
Commonwealth Bank’s plan to stop employing new Bankwest staff under the separate Bankwest Group Services entity has sparked a backlash from staff representatives, who warn it could erode hard‑won conditions and local jobs.
The Finance Sector Union (FSU) says it has been notified that CBA intends to fold the next Bankwest Enterprise Agreement (EA) into a new CBA-wide EA, effectively ending a standalone deal for Bankwest workers.
Bankwest FSU representatives oppose the proposal, arguing a separate EA is essential to maintain Bankwest-specific terms and conditions, protect clauses that are more beneficial than CBA’s, and safeguard Western Australian roles.
The union is urging all Level 1 and Level 2 Bankwest employees – fewer than 1,400 staff currently covered by the Bankwest EA – to sign a petition to CBA chief executive Matt Comyn. The petition is expected to be used as evidence in any future Fair Work Commission proceedings.
“CBA is essentially calling it quits on Bankwest by making this the end of Bankwest as an employing entity,” said Finance Sector Union National President Wendy Streets.
“They want to disappear the Bankwest brand, but our members have worked hard to protect Bankwest’s unique culture and identity in WA.
“This move also sets up a situation where around 1400 workers could be forced to bargain alongside more than 33,000 Commonwealth Bank workers. That is not a level playing field.
“This is far from an internal tidy up, it’s about whether Bankwest workers retain a genuine, democratic say over their own enterprise agreement and their pay and conditions, or whether they are swallowed up into a much bigger workforce where their interests can be outvoted.
“The petition makes it clear that there is no consent from workers for their agreement to be folded into a much larger deal that does not reflect their circumstances.
“Bankwest workers are organised, informed and will fight tooth and nail for their future.”
Bankwest’s broker-centric operating model
CBA acquired Bankwest in 2008.
It has retained its distinct consumer branding, although a shift to a digital-only approach has seen all Bankwest branches either close or rebrand to its parent company.
Without a high-street presence, Bankwest heavily relies on brokers to do business.
“As a digital bank we have a laser focus on investing in the broker channel and delivering the best experience for brokers across the country,” Ian Rakhit, Bankwest’s general manager, homebuying distribution, told MPA last May.
He pointed to Bankwest’s ‘Built By Brokers’ program – which is in the process of adding a biometric and in-app onboarding process – as a testament to this fact.
“We understand the importance of building trust with our brokers, and we’re committed to demonstrating this trust through transparency and by consistently offering our best deals,” added Rakhit.
Upwards of 90% of Bankwest’s home loans are sourced via the broker channel.
Despite Streets’ contention that CBA is seeking to ‘disappear’ the brand, last February, Bankwest launched a new banking app and website as part of its ambition to grow its national presence as a digital-only bank.
The following month, Bankwest revealed its new brand identity, with the tag line ‘Just Enough Bank’, which has featured prominently throughout Bankwest nationwide television, digital video and out-of-home marketing campaigns.
Bankwest and CBA ‘increasingly aligned’
In comments sent to MPA, a Bankwest spokesperson said: “Bankwest has been part of the CBA Group for more than 17 years and remains a major business and employer in Western Australia, where the Group employs around 5,000 Western Australians.
"Over time, terms, conditions and employment arrangements across Bankwest and CBA have become increasingly aligned, with Bankwest and CBA employees working side by side in teams every day.
“All colleagues across the Group will continue to be supported to develop their skills and access a broad range of career pathways.
“Bankwest has a clear role in the Group, with an ambition to be Australia’s favourite digital bank, and a strong and distinct identity and culture as a WA-based national digital bank.
"In the future, colleagues working in Bankwest roles under CBA contracts would continue to have their connection to the Bankwest business clearly reflected in their contracts."
Full FSU statement
The full FSU statement reads: “We are proud to work for Bankwest.
“Despite the drastic changes across the business since its acquisition by CBA in 2008, and more recently the transition to a fully digital bank, we’ve maintained what makes Bankwest great – our unique culture and identity.
“We are aware that CBA wants to negotiate a new Enterprise Agreement for Bankwest employees as part of a combined CBA and Bankwest Enterprise Agreement.
“We are concerned about this proposal – concerned for the working conditions we fought hard to secure, for the future of jobs in Western Australia, and for our culture and identity at Bankwest.
“We disagree with the bank’s approach and want to maintain a separate Bankwest Enterprise Agreement.”
MPA has reached out to CBA for further comment.
