The Commonwealth Bank, ANZ Bank, Westpac and GE Money have applied to Fair Work Australia to include weekends in the definition of ordinary hours of work under the banking, finance and insurance award, arguing that it would promote flexibility in the workplace.

 

In their joint submission to Fair Work Australia, the banks say they will retain existing penalty rates for employees who work on weekends.

 

“"The banks are, in substance, in no different position to many retailers or other retail providers such as telecommunications service providers and contract call centre operators, each of which has access to a modern award facility permitting ordinary hours to be worked on Saturdays and Sundays," the banks said in their submission to FWA.

 

Workplace Relations Minister Bill Shorten said that while he will meet with banks regarding the move, he remains cautious.

 

“I'd be pleased to meet with the CEOs of Australia's leading banks and to hear the case why they want to extend ordinary hours from Monday to Friday the bank workers are under, to Saturdays and Sundays. I've also contacted the Financial Services Union. They're happy to attend the meeting,” Mr Shorten said

 

Mr Shorten stressed that the move would be heavily scrutinized, with the Financial Services Union being involved in any consultation process.  He also warned that the move might compromise childcare.

 

“So if all of a sudden as part of your ordinary time, absent penalty rates, you've got to also find childcare. If you're trying to make ends meet on thirty-five or forty-five-thousand dollars, this proposal to just cut - the proposal which a consequence of is to cut penalty rates, can have a disastrous effect on the bottom line of the family,” Mr Shorten said.