EQUITY & DIVERSITY ANNUAL REPORT – 2007

Section 2.3: Age & Tenure

Age distribution and length of service data provide an interesting profile of the Bank and help determine strategies for succession planning and recruitment.

At the end of the 2006/07 year, 44 per cent of Bank staff were under the age of 35. As a group, male staff are younger than female staff, with 47 per cent of men compared with 39 per cent of women under the age of 35. The median age overall is 37. Comparatively, the ABS Census 2006 data reveals that the median age of the general population is 37 while the APS had a median age of 42 as at June 2006. The  percentage of Bank staff who are aged more than 55 years of age (eligible for retirement) is now nine per cent, compared with 8.4 per cent last year. It is expected that over the next five to 10 years, up to 28 per cent of current staff will be eligible for retirement.

Length of service statistics provide a snapshot of the Bank’s changing workforce. In 2000, 31 per cent of staff had been at the Bank for 20 years or more, while 35 per cent had less than five years service. Almost half of all staff (48 per cent) had less than 10 years service. Today, 25 per cent of all staff have been at the Bank for 20 years or more, while the percentage of staff with less than five years service has increased to 55 per cent. The average tenure of Bank staff is 11.4 years, a slight decrease from previous years.