Dispatches: ANZ employees clinch pay deal

ANZ employees have secured an 8 per cent pay rise over two years under the first union-negotiated deal struck by the bank since 1998. The ANZ agreement means workers in the four major banks, St George and Bankwest are covered by union-negotiated agreements for the first time since 2001. The deal has won overwhelming support from employees, and includes 12 weeks parental leave in addition to the statutory paid parental leave scheme. (The Australian)

Treasurer Wayne Swan is poised to unveil plans to create a so-called fifth pillar in the banking industry, with credit unions and building societies to be offered assistance to expand in a bid to put more competitive pressure on the big four banks. (The Age)