RBA governor's $1.2m pay rises less than inflation rate

Summarised from 2 outlets · 3 reports · Updated 15 Oct, 07:32 · Archive

Reserve Bank of Australia governor Michele Bullock received a 2.4 per cent pay increase to $1.22m, below last year's 3.8 per cent inflation rate.

Reserve Bank of Australia governor Michele Bullock earned $1,223,465 in the last financial year, comprising $1.015m in base pay plus superannuation and long service leave entitlements. Her deputy Andrew Hauser received $903,217 in base pay and over $50,000 in additional benefits.

Both officials received a 2.4 per cent pay increase effective from 1 July 2025, as determined by the Remuneration Tribunal. This increase was slightly above the June 2025 annual inflation figure of 2.1 per cent but below the 3.8 per cent inflation rate recorded in the previous financial year. The minimum wage, by contrast, increased by 4.75 per cent to $26.44 per hour.

Bullock and Hauser oversaw four interest rate rises in six meetings, with the cash rate increasing from 3.60 to 4.60 per cent. The RBA annual report indicates the salary adjustment was made by a remuneration committee of three non-executive members, subject to approval by the Reserve Bank Board.

How it is being reported

• Reserve Bank of Australia governor Michele Bullock’s base salary surpasses $1 millionReserve Bank chief Michele Bullock’s base salary has climbed above $1 million — making her Australia’s highest paid woman with a government job during an inflation crisis.The West Australian · 15 Oct, 07:39
• RBA governor Michele Bullock pockets $1.2m pay package as rate pain continuesA new report from the Reserve Bank of Australia shows how much money the top bosses are getting paid to determine your mortgage bill every year.Perth Now · 15 Oct, 07:12
• RBA governor Michele Bullock pockets $1.2m pay package as rate pain continuesA new report from the Reserve Bank of Australia shows how much money the top bosses are getting paid to determine your mortgage bill every year.The West Australian · 15 Oct, 07:11

In this story: Michele Bullock · Andrew Hauser · Reserve Bank of Australia · Remuneration Tribunal · Fair Work Commission

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