Thousands of Commonwealth Bank employees have rallied against chief executive Matt Comyn after being offered a pay increase that unions say falls below inflation, despite the CEO's pay packet rising sharply and the bank posting record profits. More than 3,000 staff have signed a petition and the Finance Sector Union has written to Comyn, with workers describing financial hardship including the risk of homelessness, inability to afford medication, and needing second jobs, even in roles such as bank management.

The Finance Sector Union says 71 per cent of staff would receive a pay rise below inflation in the first year, while 47 per cent would get no guaranteed increase or only 2.5 per cent over three years. This comes as Comyn's pay rose from $7 million in the 2025 financial year to $9.1 million in 2026, and after Commonwealth Bank reported a record $10.98 billion annual profit and growth across all five of its core business areas for the first time in 15 years. The bank said it had put forward a "comprehensive proposal" on pay and conditions and that negotiations were continuing.