Reserve Bank governor paid $1.2 million as RBA workers fight real wage cuts

Key points

• Reserve Bank governor Michele Bullock received total remuneration of $1.22 million in 2025-26, according to the bank's annual report. Junior staff are seeking an 11 per cent pay rise over three years and protection against inflation outpacing wages.
• Bullock has asked staff to vote for a 9.5 per cent offer, which a majority rejected in July. Bullock says productivity growth is needed for real wage rises.
• Unemployment has risen to 4.7 per cent since interest rates began lifting in February.