RBA governor's $1.22m pay revealed as bank disputes staff wages

The Reserve Bank of Australia's 2026 annual report, released on Thursday afternoon, shows governor Michele Bullock received total remuneration of $1.22 million in 2025-26, including a base salary of $1.01 million. Deputy governor Andrew Hauser received total remuneration of $955,033, with a base salary of $903,217.

The bank's four assistant governors received between $743,000 and $868,000 each, while its chief operating officer received $905,543.

The figures place the governor's pay slightly above most federal departmental and agency heads, whose remuneration clusters around $900,000 to $1,000,000. However, chief executives of some publicly owned corporations are paid considerably more. NBN Co chief executive Ellie Sweeney received $3.4 million in 2025-26, up from $1.9 million a year earlier, making her Australia's highest-paid public servant. Australia Post chief executive Paul Graham received $3.3 million in 2024-25, and Snowy Hydro chief executive Dennis Barns received $2.1 million in 2024-25.

For context, the median annual earnings for all employees in Australia is $74,672.

The release of the report comes as the RBA argues with junior staff about pay and conditions, with the bank's reporting framing the dispute as staff resisting real wage cuts.

Ms Bullock also attracted unwanted media attention in March this year when she and her husband bought a $2 million home in Yamba, in northern NSW, on the same day the RBA lifted interest rates on February 3. The property was her third investment, and the purchase was recorded in her declaration of material personal interests on the RBA's website. An ABC News photo caption notes Ms Bullock has said she sympathises with the plight of Australian workers.

Analysis

Why This Matters

The disclosure lays bare the gap between the RBA's top earners and the median Australian worker, whose annual earnings are $74,672.
The bank is negotiating pay with its own junior staff at a time when its interest rate decisions directly affect household budgets across the country.
Scrutiny of the governor's finances, including a third investment property bought on a rate-rise day, feeds public debate about who bears the cost of monetary policy.

Background

The Reserve Bank of Australia is the country's central bank. Its board sets the official cash rate, which influences mortgage rates and borrowing costs nationwide. The governor is a senior public appointment, with remuneration disclosed through public accountability processes. In recent years the bank has raised interest rates to curb inflation, a process that has squeezed households with mortgages, and its own workforce has not been insulated from cost-of-living pressures.

Key Perspectives

Junior RBA staff: They are resisting outcomes they describe as real wage cuts, at a time when the governor's total remuneration of $1.22 million is far above the median worker's annual earnings. RBA management: The bank publishes executive pay in its annual report and is currently in dispute with junior staff over pay and conditions, with the details of the negotiations not publicly disclosed. Critics and observers: The timing of the governor's property purchase, on the same day the bank lifted interest rates, has drawn unwanted attention and raised questions about whether senior officials are attuned to cost-of-living pressures ordinary Australians face.

What to Watch

The outcome of the RBA's negotiations with junior staff, and whether any settlement keeps pace with inflation.
Any response from federal politicians or public sector remuneration bodies to the release of the pay figures.
Whether the governor's property holdings attract further scrutiny at future interest rate decisions.

Analysis

Why This Matters

Background

Key Perspectives

What to Watch

Sources