Remuneration

The remuneration packages for Reserve Bank staff are designed to attract and engage high-calibre employees. In line with the Bank's commitment to openness and transparency, the distribution of remuneration paid to Bank executives and other highly paid staff is set out in the tables below. The provision of this information is consistent with similar information provided by other Commonwealth agencies.

Remuneration of Executives
Remuneration paid to executives in 2016/17($)(a)
Remuneration Band Number Reportable Salary[1] Superannuation[2] Lump Sum
[3]
Total
$0 to $200,000 1 145,026 23,831 3,911 172,768
$225,001 to $250,000 1 195,174 32,309 227,483
$250,001 to $275,000 1 233,932 37,062 3,873 274,867
$275,001 to $300,000 1 252,613 42,306 4,581 299,500
$300,001 to $325,000 10 264,972 43,955 3,915 312,842
$325,001 to $350,000 8 282,925 44,671 5,734 333,330
$350,001 to $375,000 3 297,980 50,212 5,482 353,674
$375,001 to $400,000 4 324,329 53,979 6,371 384,679
$400,001 to $425,000 1 354,094 60,412 6,739 421,245
$425,001 to $450,000 1 358,026 62,258 8,149 428,433
$450,001 to $475,000 2 388,668 66,900 5,725 461,293
$475,001 to $500,000 3 409,973 71,047 7,176 488,196
$500,001 to $525,000 3 435,315 62,850 9,860 508,025
$525,001 to $550,000 2 448,224 77,665 7,985 533,874
$550,001 to $575,000 1 465,989 78,912 8,364 553,265
$575,001 to $600,000 1 500,594 87,765 9,325 597,684
$600,001 to $625,000 1 506,803 88,827 9,438 605,068
$675,001 to $700,000 1 562,356 102,083 10,689 675,128
$725,001 to $750,000 1 631,623 98,736 9,897 740,256
$925,001 to $950,000 1 802,222 128,440 930,662
Total 47
(a) Includes total remuneration earned in Australia during the reporting period by executives at desk (or on parental or annual leave) as at 1 July 2017; each row shows an average figure based on the number of employees within each remuneration band based on total remuneration earned; an executive for the purpose of this table is anyone holding a position of Deputy Head of Department (or equivalent) or above; see the numbered footnotes in the table below

Source: RBA

Remuneration of Other Senior Employees
Remuneration paid to other senior employees in 2016/17($)(a)
Remuneration Band Number Reportable Salary[1] Superannuation[2] Lump Sum
[3]
Total
$200,001 to $225,000 55 177,468 30,226 3,295 210,989
$225,001 to $250,000 39 199,858 33,537 3,749 237,144
$250,001 to $275,000 16 219,770 37,382 4,480 261,632
$275,001 to $300,000 5 247,894 39,042 5,168 292,104
Total 115
(a) Includes total remuneration earned in Australia during the reporting period by other senior employees at desk (or on parental or annual leave) as at 1 July 2017; each row shows an average figure based on the number of employees within each remuneration band based on total remuneration earned

Source: RBA

Footnotes

The ‘reportable salary’ column is prepared on a cash basis using reportable salary, defined as the sum of gross payments (excluding lump sum payments); reportable fringe benefits (net amount); reportable employer superannuation contributions; and exempt foreign employment income, as reported in an individual's payment summary. [1]

The ‘contributed superannuation’ column is calculated as: the actual defined contribution amounts for individuals who are in a defined contribution scheme; and for individuals who are in a defined benefit scheme, an amount equal to 15.4 per cent of superannuable salary plus employer productivity contributions. [2]

The ‘lump sum’ column is prepared on a cash basis using actual lump sum performance-based payments paid to individuals during the reporting period. [3]