Reserve Bank governor paid $1.2 million as RBA workers fight real wage cuts

RBA Governor Michele Bullock earned $1.22 million in the 2025-26 fiscal year. Workers at the RBA are seeking an 11% pay increase over three years, while the bank is offering 9.5%. Australia's unemployment rate is currently 4.7%, but economists believe the RBA may not have completed its rate hike. The bank's senior officials are among the highest-paid in Australia, with Bullock earning $1.01 million in base salary.

Deputy Governor Andrew Hauser received $903,217 in base salary. The assistant governors earned between $743,000 and $868,000 each. The chief operating officer earned $905,543. The median annual earnings for all Australian employees is $74,672. Bullock faced media scrutiny when she and her husband bought a $2 million home in Yamba, on the same day the RBA raised interest rates.

The RBA is in negotiations with junior staff over pay and conditions, while their proposal has been rejected twice. Bullock sympathizes with workers' struggles, but believes productivity growth is necessary for real wage increases. The bank's workforce has grown by 8% in the past year, with 2,201 employees.