Reserve Bank of Australia Annual Report – 1996 Financial Statements Special Voluntary Redundancy/Retirement Payments

Note 11 Special Voluntary Redundancy/Retirement Payments

The Bank's expenses in 1995/96 include $1.3 million in payments made to, or on behalf of, staff who accepted special voluntary redundancy/retirement offers in 1995/96 and earlier years. Corresponding payments in 1994/95 totalled $18.1 million. Staff leaving the Bank in 1995/96 under these arrangements numbered 4 (195 in 1994/95).