Reserve Bank of Australia Annual Report – 1997 Financial Statements Note 11

Note 11 Special redundancy/retirement payments

The Bank's expenses in 1996/97 include $12.9 million amounts paid or payable to, or on behalf of, staff who accepted special redundancy/retirement offers. Corresponding payments in 1995/96 totalled $1.3 million. Staff leaving the Bank in 1996/97 under these arrangements numbered 195 (4 in 1995/96).