Victoria
RBA Governor Michele Bullock paid 1.2 million amid staff wage dispute
Reserve Bank Governor Michele Bullock received $1.22 million in remuneration as RBA staff fight against proposed real wage cuts.
Reserve Bank of Australia Governor Michele Bullock received a total remuneration package of $1.22 million during the 2025-26 financial year, according to reporting by wire services. The revelation of the governor's pay packet comes at a sensitive time for the central bank, as its own workforce actively campaigns against what they describe as real wage cuts.
The $1.22 million figure represents the total compensation paid to Ms Bullock, who heads the nation's monetary policy decisions. While the governor's salary is determined independently, the scale of the remuneration has drawn attention due to concurrent enterprise bargaining negotiations taking place within the institution.
Staff at the Reserve Bank are currently engaged in a dispute over their next employment agreement. Union representatives and employees have expressed dissatisfaction with current pay offers, arguing that the proposed wage increases fail to keep pace with the cost of living, effectively resulting in a real wage cut for the central bank's workforce.
Specific details regarding the exact percentage of the wage increases offered to staff, or the precise margin of the real wage cuts being contested, have not been fully detailed in the preliminary reports. It remains unclear how many rounds of negotiations have occurred or whether industrial action is actively being considered by the RBA staff.
The contrast between executive pay and staff remuneration is expected to remain a focal point for union delegates as negotiations continue. The Reserve Bank has previously defended its executive remuneration structure as necessary to attract and retain highly skilled leaders in the financial sector.
Observers will be watching to see how the Reserve Bank management responds to the staff wage demands in the upcoming enterprise bargaining rounds.
This report draws on original reporting by Wire report.
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