The Australian Industrial Relations Commission (AIRC) is currently finalising its decision on award modernisation in the financial services industry. Its final date for making the award is 3 April.

The overall goal is to simplify and rationalise the award system.

Whilst the process is not intended to increase costs for employers it is possible that this may occur. For example, in financial services if the provisions which currently apply to the major banks are adopted as the standard this will increase costs for credit unions and building societies in areas such as casual and part-time employees, hours and allowances.

The financial services group submissions are listed here.