Jul 3, 2026 – 2.15pmReserve Bank staff have rejected a proposed 9.5 per cent pay rise, sending governor Michele Bullock back to the bargaining table as she urges wage restraint across the economy and grapples with mounting cost pressures at the central bank.The RBA’s staff rejected the proposed three-year enterprise bargaining agreement in a ballot that closed on Thursday, with 54 per cent of employees voting no – a margin of just over 100 votes – according to an RBA source speaking on the condition of anonymity.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles