Compensation InsightHow ANZ Pays
Deep-dive into ANZ Group's A1–A8 band structure, Group Performance Dividend, ESAP equity, APRA CPS 511 deferrals, and Big 4 exec pay.
At a Glance
Career Level Hierarchy
ANZ uses an A1–A8 band structure (42,370 employees globally). Enterprise Agreement covers A1–A2 with guaranteed pay rises. APRA CPS 511 deferral requirements apply to A6–A8.
Executive Leadership (above A8)
Enterprise Agreement Coverage
A1–A2 covered by Enterprise Agreement 2023–2027 with guaranteed pay increases (16.5% cumulative). Staff above A3 are typically on individual employment contracts with variable reward tied to performance.
APRA Deferral Requirements
A6–A8 subject to CPS 511 deferral requirements, with significant portions of variable reward deferred over 4–7 years to align with long-term risk outcomes and regulatory capital requirements.
Compensation by Level
Total compensation breakdown for Melbourne, Australia. All values in AUD.
| Band | Title | Base Range | Variable % | Total CTC | Equity |
|---|---|---|---|---|---|
| A1 | Graduate / Entry 0–2 yrs | A$72K – A$80K | 0% | A$72K – A$90K | None |
| A2 | Associate / Analyst 1–4 yrs | A$85K – A$110K | 5% | A$89K – A$120K | None |
| A3 | Senior Associate / Specialist 3–7 yrs | A$110K – A$145K | 8% | A$120K – A$162K | ESAP eligible |
| A4 | Manager / Senior Engineer 5–12 yrs | A$145K – A$185K | 15% | A$167K – A$225K | ESAP |
| A5 | Senior Manager / Lead 8–15 yrs | A$185K – A$225K | 20% | A$222K – A$295K | STVR deferral |
| A6 | Associate Director 10–18 yrs | A$210K – A$265K | 25% | A$268K – A$355K | Significant STVR deferral |
| A7 | Director 14–22 yrs | A$260K – A$320K | 30% | A$340K – A$445K | LTVR 40% cash / 60% deferred |
| A8 | General Manager (GM) 18+ yrs | A$330K – A$500K | 40% | A$475K – A$740K | Performance rights + deferred |
Source: Glassdoor, PayScale, Levels.fyi, ANZ Annual Report FY2024, ANZ Enterprise Agreement. Australian values include superannuation (12%).
Total Compensation Range by Level
Salary by Career Stream — Australia
Breakdown by role across ANZ's key business areas. All figures in AUD per year. Average includes base salary.
Retail Banking
| Role | Average | Range | P90 |
|---|---|---|---|
| Customer Service Rep | A$65,900 | A$58K–A$73K | — |
| Personal Banker | A$60,000 | A$54K–A$66K | A$78K |
| Banking Consultant | A$68,500 | A$62K–A$75K | — |
| Branch Manager | A$107,000 | A$100K–A$114K | A$130K |
Institutional Banking
| Role | Average | Range | P90 |
|---|---|---|---|
| Analyst | A$94,500 | A$79K–A$110K | — |
| Relationship Manager | A$156,000 | A$127K–A$185K | A$220K |
| Quantitative Analyst | A$236,000 | A$160K–A$312K | — |
| Senior Analyst | A$125,000 | A$110K–A$140K | — |
Technology
| Role | Average | Range | P90 |
|---|---|---|---|
| Junior Software Engineer | A$91,500 | A$71K–A$112K | — |
| Software Engineer | A$131,500 | A$105K–A$158K | — |
| Senior Software Engineer | A$183,000 | A$161K–A$205K | — |
| Lead Software Engineer | A$208,500 | A$200K–A$217K | — |
| Engineering Manager | A$178,000 | A$150K–A$206K | — |
| Solution Architect | A$209,500 | A$189K–A$230K | — |
Operations & Agile
| Role | Average | Range | P90 |
|---|---|---|---|
| Operations Analyst | A$90,000 | A$80K–A$100K | — |
| Project Manager | A$155,500 | A$91K–A$220K | — |
| Agile Coach | A$195,000 | A$180K–A$210K | — |
| Scrum Master | A$135,000 | A$120K–A$150K | — |
Source: Glassdoor, PayScale, Levels.fyi, Indeed, ANZ Annual Report FY2024. P90 = 90th percentile where available.
Global Operations — India, Philippines, NZ
ANZ has the largest offshore footprint among Australia's Big 4 banks, with ~10,000 employees (20% of total workforce) across Bengaluru, Manila, and NZ.
India — Bengaluru (~5,000 staff)
Philippines — Manila (~2,000 staff)
| Role | Annual Salary |
|---|---|
| Service Consultant | ₱480K–₱550K |
| Analyst | ₱552K–₱610K |
| Senior Analyst | ₱920K |
| Team Manager | ₱1.5M–₱2.5M |
New Zealand (~7,500 staff)
Singapore & Hong Kong
Source: Glassdoor, PayScale, Levels.fyi, 6figr, NodeFlair, ANZ Annual Report FY2024. India figures in INR (annual). Philippines in PHP.
Group Performance Dividend & Bonus Payout History
ANZ's Group Performance Dividend (GPD) determines company-level variable pay funding. Individual outcomes depend on GPD × Performance × Target Variable Pay.
5-Year GPD Outcome (% of Target)
Variable Pay % by Band
CEO STVR History
| Year | Fixed Remuneration | Total Rem. | Note |
|---|---|---|---|
| FY2021 | A$2.5M | ~A$4.5M | Recovery year; GPD reinstated |
| FY2022 | A$2.5M | ~A$5.2M | Solid performance |
| FY2023 | A$2.5M | ~A$6.2M | Record cash profit A$7.4B |
| FY2024 | A$2.5M | A$5.7M | STVR 65% of target; LTVR forfeited |
Equity & Variable Reward Structure
ANZ's equity plans align with APRA CPS 511 deferral requirements. The Group Performance Dividend replaced individual bonuses for most staff in 2019.
Active Plans
CPS 511 Deferral Structure
VR Target by Level
| Level | VR Target (% of FR) | Deferral | Instrument |
|---|---|---|---|
| A1–A2 | 0–5% | None | GPD (cash only) |
| A3–A4 | 8–15% | Selective ESAP | GPD + ESAP |
| A5 | 20% | Partial | STVR + partial deferral |
| A6 | 25% | Significant | STVR + deferred shares (4yr) |
| A7 | 30% | 40/60 split | STVR + LTVR + deferred shares (5yr) |
| A8 | 40% | 40/60 split | STVR + LTVR + deferred shares (6yr) |
| GE | 50–75% | 40/60 split | Performance rights + deferred shares |
| CEO | 100% STVR + LTVR | 60/40 split | Performance rights + deferred shares (6yr) |
ESAP Details
- Up to A$1,000 annually tax-free share purchase
- Employees can salary sacrifice to purchase ANZ shares
- 3-year restriction period recommended for tax benefits
- Shares held in trust by plan administrator
Performance Rights — LTVR Details
- Instrument: Performance Rights (each entitles holder to one ANZ share)
- Vesting: 4–6 year cliff — aligned with CPS 511 requirements
- Hurdle: Relative TSR vs peer banks + ROE targets
- Peer group: CBA, NAB, Westpac, Macquarie Group, Suncorp
- No retest: if hurdle is not met, rights lapse permanently
- FY2024: CEO LTVR fully forfeited due to TSR below threshold
ASX Insider Trades & Director Dealings
Disclosed to ASX under Corporations Act. Recent director activity shows alignment during restructuring period.
| Date | Person | Designation | Type | Shares | Price (A$) | Value |
|---|---|---|---|---|---|---|
| Dec 22, 2025 | Unspecified Director | Non-Exec Director | Acquisition | 250 | A$36.40 | A$9K |
| Nov 28, 2025 | Alison Gerry | Non-Exec Director | Acquisition | 430 | A$34.87 | A$15K |
| Nov 24, 2025 | Alison Gerry | Non-Exec Director | Acquisition | 430 | A$34.85 | A$15K |
| Nov 17, 2025 | Paul O'Sullivan | Chairman | Acquisition | 6,300 | A$36.13 | A$228K |
| Nov 14, 2025 | Paul O'Sullivan | Chairman | Acquisition | 26,000 | A$36.17 | A$940K |
| Nov 14, 2025 | Paul O'Sullivan | Chairman (AN3 Capital Notes) | Disposal | 9,250 | A$102.94 | A$952K |
| Aug 23, 2025 | Wayne Byres | Non-Exec Director | Acquisition | 1,200 | A$33.50 | A$40K |
| Aug 23, 2025 | Helen Lofthouse | Non-Exec Director | Acquisition | 900 | A$33.50 | A$30K |
Director Activity Analysis
Recent director activity shows modest on-market purchases, demonstrating alignment during a challenging period. Chairman Paul O'Sullivan's transactions reflect restructuring of holdings. Multiple directors purchased shares following the AGM second strike controversy, signaling confidence in the bank's direction under new CEO Nuno Matos.
Source: ASX announcements, ANZ Annual Report FY2024.
Executive Compensation — FY2024/25
CEO Matos waived 2025 STVR following 32.36% shareholder vote against remuneration report
| Year | FR | Total | Note |
|---|---|---|---|
| FY2021 | A$2.5M | ~A$4.5M | Recovery year |
| FY2022 | A$2.5M | ~A$5.2M | — |
| FY2023 | A$2.5M | ~A$6.2M | Record profit year |
| FY2024 | A$2.47M | A$5.7M | STVR cut; LTVR forfeited |
Senior Leadership Compensation
Executive compensation at ANZ uses STVR + LTVR framework: 40% cash, 60% deferred in ANZ shares for 4–6 years. Subject to APRA CPS 511 deferral, malus, and clawback.
APRA CPS 511 Deferral Requirements
- CEO: 60% of variable remuneration deferred over 6 years
- Senior Managers: 40% deferred over 5 years
- Material Risk Takers: 40% deferred over 4 years
- All deferred amounts held in ANZ equity with clawback provisions
- Board retains discretion to reduce VR outcomes to zero
Group Executive Committee
Benefits & Perks
Financial
Leave
Career & Development
- LEAD@ANZ — Global leadership program (award-winning)
- Return to Work Program — First in Australian banking sector
- Mentoring & Coaching — Structured programs across all levels
- Study Assistance — Financial support for relevant qualifications
- Graduate Rotational Program — 18–24 month structured development
- Agile New Ways of Working — 9,000 colleagues in agile teams
- Technical Academies — Specialist skill development pathways
Performance & Pay Progression
ANZ uses a Group Performance Dividend model with no individual bonuses for most staff. EA staff receive guaranteed annual increases through 2027.
Enterprise Agreement Guaranteed Increases
Performance Framework
Office Attendance Policy (2025): Staff with <20% attendance receive no salary increase; 21–40% attendance results in 50% variable pay reduction.
Glassdoor Ratings
EA Cumulative Increase 2023–2027
16.5% total increase guaranteed over 4 years, with super increases paid on top of salary (not absorbed).
Key Nuances & Insights
Unlike other Big 4 banks, ANZ abolished individual bonuses for most employees in October 2019. The Group Performance Dividend is based on collective outcomes across risk & reputation, financial performance, customer outcomes, and people metrics. Only senior executives retain individual STVR/LTVR structures.
ANZ's 2019 remuneration reform positioned it ahead of APRA's Prudential Standard CPS 511, effective January 2023. CEO variable remuneration must be 60% deferred over 6 years; Senior Managers 40% over 5 years. All deferrals in equity with mandatory clawback provisions.
ANZ committed to 'no net job losses in Australia for 3 years' to secure Treasurer approval for the A$4.9B Suncorp Bank acquisition. Six months later, 3,500 job cuts were announced. The FSU has questioned whether this breaches merger commitments. ANZ argues the cuts are unrelated to the acquisition.
ANZ launched its 'New Ways of Working' agile transformation in 2018-2019, growing to 9,000 employees across Australian and Technology divisions. CEO Elliott paused expansion at 9,000 to 'make it run really, really well.' The program delivered improved deployment velocity while maintaining stability.
With ~10,000 employees in Bengaluru and Manila (20% of total workforce), ANZ has the largest offshore operation of any Australian company. These hubs handle cybersecurity, engineering, GenAI, credit analysis, and transaction processing. This drives cost efficiencies but raises domestic employment concerns.
CEO Matos introduced pay consequences for below-target office attendance in August 2025. Staff below 20% attendance are ineligible for salary increases; 21-40% attendance results in up to 50% variable pay reduction. This marks a significant shift from ANZ's previous flexible 'New Ways of Working' culture.
ANZ received its second consecutive 'strike' against the remuneration report at the December 2025 AGM (32.36% against). This triggered a board spill vote, which was overwhelmingly rejected (only 1.5% supported). CEO Matos waived his 2025 bonus; Chairman O'Sullivan was re-elected.
The ANZ Enterprise Agreement 2023-2027 was the first new EA in 7 years. It guarantees 16.5% cumulative pay increases for staff earning up to A$100K (5%+5%+4%+3.5%), work-from-home rights, right to disconnect, enhanced parental leave (20 weeks primary, 4 weeks secondary), and right to dispute pay reviews.