Following recent approval by the Fair Work Commission, staff at the Reserve Bank of Australia can now take these days from their 18-day personal leave allowance without needing to provide documentation. This forms part of a new workplace agreement that also grants a 5% pay rise to staff earning up to $101,789 and updates conditions for accrued leave.
Recently, the Reserve Bank lowered its forecast for national productivity growth from 1% to 0.7% annually. It has warned that this slowdown will affect wage growth and living standards. Senior RBA officials have highlighted the essential connection between productivity and long-term economic wellbeing.
While the introduction of wellbeing days aims to support mental health and staff retention, it also raises questions about effectiveness and taxpayer value. This is especially relevant in the context of a 9% drop in public sector labour productivity since 2022. Public servants continue to take more sick leave on average than private sector workers.
At the same time, the RBA is expanding. Its workforce has grown by 15% in the past year, now exceeding 2,000 employees. Many of the new hires are in IT and transformation roles, indicating a focus on internal modernisation during a period of economic uncertainty. However, the generous leave arrangements stand in contrast to national efforts to boost efficiency, underscoring ongoing challenges within public institutions.
