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 2017/18($)(a)
Remuneration Band Number Reportable Salary[1] Superannuation[2] Lump Sum
[3]
Total
$0 to $200,000 4 137,928 21,429 159,357
$200,001 to $225,000 1 184,998 29,250 214,248
$250,001 to $275,000 1 222,968 35,412 1,295 259,675
$275,001 to $300,000 1 249,108 39,111 5,036 293,255
$300,001 to $325,000 1 267,891 43,667 2,290 313,848
$325,001 to $350,000 9 287,544 46,806 4,607 338,957
$350,001 to $375,000 6 308,203 46,595 5,594 360,392
$375,001 to $400,000 3 322,525 52,117 5,572 380,214
$400,001 to $425,000 2 348,154 57,630 6,833 412,617
$425,001 to $450,000 1 370,676 61,632 6,567 438,875
$450,001 to $475,000 3 385,767 65,004 4,204 454,975
$475,001 to $500,000 3 405,615 69,111 6,125 480,851
$500,001 to $525,000 3 437,561 74,266 8,495 520,322
$550,001 to $575,000 2 476,679 82,109 8,261 567,049
$575,001 to $600,000 1 486,739 82,735 6,260 575,734
$600,001 to $625,000 1 521,582 89,520 9,540 620,642
$625,001 to $650,000 1 542,080 92,807 14,483 649,370
$750,001 to $775,000 1 679,000 85,963 764,963
$1,000,001 to $1,025,000 1 903,418 114,617 1,018,035
Total 45
(a) Includes total remuneration earned in Australia during the reporting period by executives at desk (or on parental or annual leave) as at 30 June 2018; each row shows an average figure based on the number of employees within each remuneration band based on total remuneration earned on a cash basis; an executive for the purpose of this table is anyone holding a position of Deputy Head of Department (or equivalent) or above

Source: RBA

Remuneration of Other Senior Employees
Remuneration paid to other senior employees in 2017/18($)(a)
Remuneration Band Number Reportable Salary[1] Superannuation[2] Lump Sum
[3]
Total
$200,001 to $225,000 66 178,029 29,733 3,368 211,130
$225,001 to $250,000 37 198,880 33,940 3,570 236,390
$250,001 to $275,000 23 221,398 36,354 3,721 261,473
$275,001 to $300,000 8 240,153 39,608 5,564 285,325
$300,001 to $325,000 6 261,503 42,383 4,292 308,178
Total 140
(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 30 June 2018; each row shows an average figure based on the number of employees within each remuneration band based on total remuneration earned on a cash basis.

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 amount; reportable employer superannuation contributions; and exempt foreign employment income, as reported in an individual’s payment summary. [1]

The ‘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 any 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]