1. Westpac Collective Agreement Finance Sector Union Proposal An opportunity to have the finance industry’s leading work practices and policies

2. Westpac Collective Agreement Finance Sector Union Proposal Our Consultation We consulted with thousands of staff across the Westpac Group. Discussion groups, workplace surveys and an independent poll conducted by McNair Ingenuity.

3. Westpac Collective Agreement Finance Sector Union Proposal Making Westpac a better place to work The results of the independent poll indicate a high level of engagement with the bank: 78% say that overall they are satisfied working at the bank. 82% say that they are treated with respect. 91% believe the bank has good corporate ethics.

4. Westpac Collective Agreement Finance Sector Union Proposal Making Westpac a better place to work The poll also highlights inequities: 93% of Westpac employees believe there should be a common set of employment conditions across the Group. 87% of Westpac employees believe it is unfair that they don’t receive a guaranteed pay increase in 2009 while St George employees do. Pay, job security, staffing and targets are identified as the most important issues to be addressed in a new Collective Agreement.

5. Westpac Collective Agreement Finance Sector Union Proposal Pay  Guaranteed 4% annual pay increase for all employees that keeps employees ahead of cost of living increases; performance pay should be in addition to this.  Increases to employer superannuation contributions.  Choice of fund to include industry fund.

6. Westpac Collective Agreement Finance Sector Union Proposal Pay 96% say pay increases should be at least on par with the cost of living. 87% say that it is unfair that Westpac employees do not receive a guaranteed 4% pay increase while St George employees do. Westpac pay rates for CSR’s compare unfavourably against similar positions in other banks. Average weekly ordinary time earnings in the private sector increased by 5.7% in the year to May 2009 (ABS)

7. Westpac Collective Agreement Finance Sector Union Proposal Pay cont… The finance sector has the worst gender pay gap in Australia and it is growing. The FSU survey 2009 identified that 66% of Westpac employees do not believe they will have enough superannuation for their retirement. Over 30 finance industry employers (eg Nab, IAG and BoQ) currently contribute above 9% SGC.

8. Westpac Collective Agreement Finance Sector Union Proposal Job Security & Investing in Australia  An end to offshoring Australian jobs.  Better redeployment options and increased retrenchment payments.  No reduction in staff without corresponding reduction in workloads.  Genuine consultation and consideration of personal preferences during workplace change.  A new skills fund for retraining employees who lose their job.

9. Westpac Collective Agreement Finance Sector Union Proposal Job Security & Investing in Australia 98% state that they want bank jobs to stay in Australia. 77% say that dealing with offshore staff makes their job more difficult. 72% have had complaints from customers about offshoring.

10. Westpac Collective Agreement Finance Sector Union Proposal Staffing / Workloads  Measures to ensure staffing levels are adequate.  A Relief Allowance for relief staff to encourage staff into these roles.  Adequate relief to cover all absences.  Protection to ensure that all weekend work and overtime is properly compensated.

11. Westpac Collective Agreement Finance Sector Union Proposal Staffing / Workloads 77% say that they need more relief staff to cover absences. 64% say that there are not enough staff. 35% say they are put under pressure to come into work when they are sick. 50% say that they are expected to do unpaid overtime. 40% say that their workload has a negative impact on their family / community commitments.

12. Westpac Collective Agreement Finance Sector Union Proposal Targets & Performance  Fair and transparent performance review processes.  Better rights to negotiate and agree performance targets.  Performance objectives adjusted for all approved absences.  A transparent performance pay system that is linked to achievable targets.

13. Westpac Collective Agreement Finance Sector Union Proposal Targets & Performance 80% want more say in the setting of their performance objectives. 59% say that their objectives are not adjusted for approved absences. 49% say they feel stressed about their workload. 46% say their performance objectives are not achievable in normal work time.

14. Westpac Collective Agreement Finance Sector Union Proposal Leave  Better access to annual leave when employees want it.  Protections to current paid parental leave, in addition to the Federal Government’s proposed scheme.  Superannuation to be paid on all paid leave.

15. Westpac Collective Agreement Finance Sector Union Proposal Leave 52% of respondents said that it’s difficult to access annual leave when they want to. 35% say they are put under pressure to come into work when they are sick. The FSU staffing audit in Westpac retail revealed that 30% of branches were not provided with relief staff when people are on leave. 80% of respondents to the poll want paid parental leave in a binding agreement.

16. Westpac Collective Agreement Finance Sector Union Proposal Dispute Resolution 89% of respondents to the poll said that a new Collective Agreement should include access to an independent umpire to resolve problems when Westpac and the Union disagree about an issue.  Access to an independent umpire to resolve difficult workplace disputes.

17. Westpac Collective Agreement Finance Sector Union Proposal Same Work, Same Value – Best of Both  The new Agreement to include the best provisions of the current St George and Westpac Awards and Agreements. 87% believe there should be a common set of employment conditions across the Group.

18. Westpac Collective Agreement Finance Sector Union Proposal The FSU claim for a new Westpac Collective Agreement is about making Westpac a better place to work. We believe our claim is consistent with the bank’s ambition to have the industry’s leading work policies and practices.