Michele Bullhawk feathers her nest

There is nothing quite like a public servant on a massively bloated wage:

Australia’s new Reserve Bank governor Michelle Bullock has received a nearly $400,000 a year pay increase after stepping into the top job.

According to the RBA annual report up to June 30, the woman responsible for Australia’s monetary policy settings received $1,056,835 for the first three quarters she had been in the top job.

This was made up of $811,108 in base pay, entitlements, superannuation payments and long-service leave.

Where is the public service ethos in a one million dollar plus salary?

Not to mention the optics of being made rich to demolish the economy and impoverish households.

The RBA is bankrupt in more ways than one.

Share

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.