Reserve Bank Board Remuneration Committee

The Reserve Bank Board Remuneration Committee assists the Reserve Bank Board set terms and conditions relating to the remuneration and allowances for the Governor and Deputy Governor in terms of the Reserve Bank Act 1959 and the framework for Principal Executive Offices determined by the Remuneration Tribunal. In doing so, the Remuneration Committee makes recommendations to the Reserve Bank Board on the remuneration of the Governor and Deputy Governor. The Committee is charged with ensuring that the Governor and Deputy Governor are remunerated appropriately to ensure the appointment of high-quality candidates to these positions.

In accordance with provisions of the Reserve Bank Act, neither the Governor nor the Deputy Governor takes part in decisions of the Reserve Bank Board relating to the determination or application of any terms or conditions on which either of them holds office.

The Remuneration Committee is also kept informed of the general remuneration arrangements for Reserve Bank staff.

Meetings of the Reserve Bank Board Remuneration Committee

The Reserve Bank Board Remuneration Committee meets at least twice each calendar year.

Members of the Reserve Bank Board Remuneration Committee

The Reserve Bank Board Remuneration Committee comprises a subgroup of the non-executive members of the Reserve Bank Board. Members of the Remuneration Committee, including the Chair, are appointed by the non-executive members of the Reserve Bank Board. Their terms coincide with their appointment to the Board.

The current members of the Reserve Bank Board Remuneration Committee are:

Chair: Carol Schwartz AO

Member since 31 August 2017
Chair since 7 April 2021
Present term ends 13 February 2027

Founding Chair – Women's Leadership Institute Australia
Chair – Climate Council
Chair – Equity Trustees
Chair – Our Community
Director – Trawalla Group

Ian Harper AO

Member since 2 August 2016
Present term ends 30 July 2026

Chair – Australian Statistics Advisory Council
Chair – Stipends Committee, Anglican Diocese of Melbourne
Director – Harper Associates Australia
Director – Robert Menzies Institute

Iain Ross AO

Member since 7 June 2023
Present term ends 6 May 2028

Adjunct Professor – The University of Sydney Business School