RBA governor and deputy receive pay rise that lags behind inflation

According to the RBA’s annual report, Governor Michele Bullock received a total remuneration package of $1,223,465 for the last financial year, while Deputy Governor Andrew Hauser’s package amounted to $903,217, each including base salary, superannuation and long-service leave. The remuneration committee recommended a 2.4% pay adjustment effective 1 July 2025, a figure that modestly exceeded the 2.1% inflation rate for June 2025 but fell short of the 3.8% inflation recorded in the prior year.

This increase is lower than the 4.75% uplift granted by the Fair Work Commission to the minimum award, raising the minimum hourly wage to $26.44. The report also reveals that at least 58 RBA employees earn over $295,000 annually, with additional groups receiving $270,000, $320,000 and $345,000 or more. These figures highlight a disparity between senior executive pay growth and broader inflation trends within the institution.