Reserve 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 central bank governor who chairs the RBA’s monetary policy board eight times a year received a basic wage of $1,015,012 during the last financial year, putting her pay above that of Governor-General Sam Mostyn, Treasury secretary Jenny Wilkinson and the Federal Government’s most senior female Cabinet ministers Penny Wong and Katy Gallagher.
But her pay rise of 2.8 per cent, from $987,132 a year earlier, was below the 3.8 per cent inflation rate during the last financial year, which meant the woman who has presided over four rate hikes this year has been suffering a 1 per cent cut in her real wages.
With short and long-term benefits and superannuation, Ms Bullock’s total remuneration swelled to $1,223,465, the Reserve Bank of Australia revealed on Thursday after its annual report was tabled in Parliament.
Her deputy Andrew Hauser, from the UK, received a base salary of $903,217 that grew to $955,033 with benefits and super.
The Reserve Bank’s part-time monetary policy board members were paid a base salary of $94,190, rising to $105,493 with super, to attend eight two-day meetings to decide whether or not to raise interest rates.
They included current members Marnie Baker, Renee Fry-McKibbin, Carolyn Hewson and Iain Ross getting more than Australia’s average salary of $82,118 for 16 days of work over the year.
Despite being led by a woman, the RBA’s female assistant governors also received lower salaries than the central bank’s male assistant governors.
Sarah Hunter, the Reserve Bank’s chief economist, was paid a base salary of $589,690 and a total remuneration of $743,842.
By comparison, Christopher Kent had a base salary of $644,607 and a total package of $868,784 as assistant governor of financial markets while Brad Jones was given $623,847 as basic pay that swelled to $767,508 with bonuses and super as the assistant governor of the financial system.
The base salaries of the RBA’s assistant governors were higher than Treasurer Jim Chalmers on $448,631.
They were also higher than Prime Minister Anthony Albanese’s $622,102 and his highest paid female Cabinet colleagues, Finance Minister Senator Gallagher ($418,723) and Foreign Minister Senator Wong ($448,631).
Ms Bullock is likely to be paid more than Ms Wilkinson, whose predecessor heading Treasury Steven Kennedy was paid a base salary of $809,790 and a total remuneration of $974,110 in 2024-25.
Treasury’s annual report for 2025-26 is due to be released later this month.
Governor-General Sam Mostyn was allocated a $709,017 salary when she was sworn in as King Charles’ vice-regal representative in July 2024.
Krissy Barrett’s predecessor as Australian Federal Police commissioner, Reece Kershaw, was paid a base salary of $706,033 and a total remuneration of $825,688 in 2024-25.
Australia’s High Court judges are paid a base rate of $625,050, with the bench including female jurists Michelle Gordon, Jacqueline Gleeson and Jayne Jagot.
The heads of government business enterprises earn way more with Australia Post chief executive Paul Graham last year allocated a base salary of $1.637 million that swelled to $3.3 million with bonuses.
Snowy Hydro CEO Dennis Barnes received a similar base salary of $1.694m that grew to more than $2 million with bonuses.