This is unconscionable:
During his final year as governor, Philip Lowe took home $1,147,465 in base pay, bonuses, superannuation and other payments. That sum was about 10.5% higher than a year earlier, according to the bank’s annual report, which released on Thursday.
Michele Bullock, who was deputy governor prior to her promotion to the top role last month, earned remuneration totalling $828,313. That sum was almost 12% more than in the previous year when Bullock was an assistant governor for part of the period.
The Reserve Bank of Australia is a public service institution. You should not be in the position if you are unwilling to be paid a public service salary.
Taking such huge salaries and pay raises explicitly undermines any civil service ethos that remains at the bank.
Not least, doing so while the bank argues that wages are too high, unless productivity improves, and hikes interest rates to prove it.
Did Phil’s and Michelle’s productivity lift by double digits?
Phil got the arse, so obviously not. It’s not easy climbing the greasy pole of public rorting so perhaps Michelle did raise her effort.
Though, hardly in a manner befitting public service.
