The Reserve Bank of Australia’s two most senior officials who oversaw four interest rate hikes in the space of six meetings have been handed a pay increase that did not keep up with inflation.
In total the cash rate went up from 3.60 to 4.60 per cent, with experts predicting there could be further rate pain in November.
According to the RBA annual report up to June 30, RBA governor Michele Bullock makes a whopping $1,223,465 over the last financial year.
This was made up of $1.015m in base pay while she was also eligible for other benefits, superannuation and long service leave.
Meanwhile, her deputy Andrew Hauser received $903,217 in base pay, while receiving more than $30,000 in superannuation and $21,7144 in long service leave benefits.
Despite the large salary the top bosses of the RBA actually received a below inflation pay bump.
The salary of the RBA governor is determined by the RBA remuneration committee, which consists of three non-executive members who make recommendations on pay for the approval of the Reserve Bank Board.
“In June 2025, the Remuneration Tribunal determined that, effective 1 July 2025, an adjustment of 2.4 per cent would be made to the remuneration of offices in its jurisdiction, including those of the Governor and Deputy Governor,” the report said.
This was slightly above the June 2025 annual inflation figure of 2.1 per cent, but is below the 3.8 per cent inflation finished at last financial year.
For comparison, the Fair Work Commission announced a 4.75 per cent increase in the minimum award.
Following the announcement the minimum wage will rise to $26.44 per hour (from $24.95), or $1004.90 per week (from $948).
The documents further showed at least 58 staff members are being paid more than $295,000 a year, while 89 employees at the Reserve Bank make at least $270,000.
A further 19 staff members are making $320,000 while 14 pocket at least $345,000 a year.
This is again made up of base salary, superannuation and other remuneration.