Compensation InsightHow the RBA Pays
A comprehensive analysis of the Reserve Bank of Australia's classification levels, compensation bands, executive remuneration, superannuation arrangements, and benefits.
Key Metrics
Classification Hierarchy
The RBA uses its own classification system — staff are NOT part of the Australian Public Service. Executive and managerial employees are on Individual Employment Agreements; non-managerial staff on the Workplace Agreement.
Compensation by Level
Total compensation packages for Sydney. Base salary + superannuation + benefits. The RBA has no equity component — all compensation is cash-based.
| Band | Title | Base Range | Variable % | Total Package | Equity |
|---|---|---|---|---|---|
| G | Graduate Analyst | A$72K–A$82K | 2% | A$82K–A$95K | N/A |
| L1 | Analyst / Officer | A$80K–A$100K | 2% | A$92K–A$118K | N/A |
| L2 | Senior Analyst | A$100K–A$130K | 2% | A$118K–A$155K | N/A |
| L3 | Lead Analyst / Specialist | A$130K–A$170K | 2% | A$155K–A$205K | N/A |
| L4 | Manager / Principal | A$170K–A$230K | 2% | A$205K–A$280K | N/A |
| L5 | Senior Manager | A$230K–A$320K | 2% | A$280K–A$395K | N/A |
| L6 | Head of Department | A$320K–A$450K | — | A$395K–A$570K | N/A |
| AG | Assistant Governor | A$450K–A$550K | — | A$590K–A$715K | N/A |
| DG | Deputy Governor | A$670K | — | A$810K–A$920K | N/A |
| GOV | Governor | A$987K | — | A$1.1M–A$1.2M | N/A |
Source: RBA Annual Reports 2019–2025, Glassdoor, PayScale. Total package includes base + super (15.4% DC / 18.3% DB) + benefits. The RBA is a government statutory authority — no equity/ESOP programs exist.
Total Compensation Range by Level
Horizontal bars showing total package range. Governor excluded to preserve chart readability.
Salary by Career Stream — Australia
Breakdown by role across the RBA's key functional areas. All figures in AUD per year (total package). The RBA benchmarks against financial services, not APS scales.
Economics & Research
| Role | Average | Range | P90 |
|---|---|---|---|
| Graduate Economist | A$78,000 | A$72K–A$82K | — |
| Analyst (Economic) | A$90,000 | A$80K–A$100K | — |
| Economist | A$98,000 | A$86K–A$117K | A$146K |
| Senior Economist | A$145,000 | A$130K–A$170K | A$222K |
| Lead Economist / Advisor | A$185,000 | A$170K–A$230K | — |
Technology & Cyber
| Role | Average | Range | P90 |
|---|---|---|---|
| IT Graduate | A$75,000 | A$72K–A$80K | — |
| Developer / Engineer | A$100,000 | A$88K–A$115K | — |
| Senior Developer | A$130,000 | A$115K–A$155K | — |
| Solution Architect | A$170,000 | A$150K–A$200K | — |
| Cyber Security Specialist | A$145,000 | A$120K–A$175K | — |
| IT Manager | A$185,000 | A$160K–A$220K | — |
Policy & Risk
| Role | Average | Range | P90 |
|---|---|---|---|
| Policy Analyst | A$95,000 | A$85K–A$110K | — |
| Senior Policy Analyst | A$130,000 | A$115K–A$150K | — |
| Payments Policy Officer | A$105,000 | A$90K–A$125K | — |
| Risk & Compliance Analyst | A$110,000 | A$95K–A$130K | — |
| Financial Stability Analyst | A$115,000 | A$100K–A$135K | — |
Corporate Functions
| Role | Average | Range | P90 |
|---|---|---|---|
| Admin Officer | A$72,000 | A$65K–A$80K | — |
| HR Advisor | A$85,000 | A$75K–A$98K | — |
| Finance Officer | A$90,000 | A$78K–A$105K | — |
| Senior Manager (Corporate) | A$199,000 | A$170K–A$250K | — |
| Head of Department | A$380,000 | A$320K–A$450K | — |
Leadership (Cross-Function)
| Role | Average | Range | P90 |
|---|---|---|---|
| Senior Manager | A$270,000 | A$230K–A$320K | — |
| Head of Department | A$380,000 | A$320K–A$450K | — |
| Assistant Governor | A$670,000 | A$590K–A$715K | — |
| Deputy Governor | A$865,000 | A$810K–A$920K | — |
| Governor | A$1,150,000 | A$1.1M–A$1.15M | — |
Source: Glassdoor (357 salaries), PayScale, Indeed, RBA Annual Reports. P90 = 90th percentile where available.
Workforce & Locations
~94% of RBA employees work in Sydney. The RBA also operates Note Printing Australia (NPA) at Craigieburn, VIC with ~257 additional workers.
Employee Distribution (June 2023)
Headcount Trend
| Period | Headcount | FTE |
|---|---|---|
| June 2018 | 1,362 | 1,327 |
| June 2020 | 1,384 | 1,348 |
| June 2021 | 1,380 | 1,342 |
| June 2022 | 1,428 | 1,393 |
| June 2023 | 1,575 | 1,540 |
| June 2025 | 2,000 | 1,950 |
Source: RBA Annual Reports 2018–2025. NPA (Note Printing Australia) employs ~257 additional workers at Craigieburn, not included in RBA headcount.
Superannuation & Retirement
The RBA operates its own superannuation fund (RB Super) — one of the most generous in the Australian public sector. Defined benefit membership closed in 2014; new staff receive 15.4% DC.
RB Super — Defined Benefit
Hybrid (DB)Accrued benefit based on final average salary and years of service. Employer contribution at 18.3% of salaries per actuarial recommendation.
RB Super — Defined Contribution
Accumulation (DC)Includes employer productivity contribution above the SG rate. Significantly above the 11.5% SG minimum.
UK Pension Scheme
Defined BenefitLegacy pension arrangement for UK-based staff. Separate fund and governance.
Super Rate Comparison
Source: RBA Annual Reports 2014–2021, Note 14 – Superannuation Funds. Actuarial valuation as at 30 June 2021.
Senior Executive Remuneration Bands
Distribution of remuneration paid to RBA executives (Heads of Department and above) on an accrual basis. From the 2021/22 Annual Report — the most recent year with full band-level disclosure.
| Band | Count | Avg Base | Avg Super | Avg Other | Avg Total |
|---|---|---|---|---|---|
| $0–$220K | 5 | A$76K | A$12K | A$11K | A$101K |
| $220K–$245K | 1 | A$175K | A$28K | A$17K | A$224K |
| $245K–$270K | 1 | A$191K | A$32K | A$24K | A$252K |
| $295K–$320K | 1 | A$225K | A$45K | A$37K | A$317K |
| $320K–$345K | 3 | A$241K | A$43K | A$36K | A$333K |
| $345K–$370K | 6 | A$258K | A$50K | A$35K | A$359K |
| $370K–$395K | 7 | A$283K | A$51K | A$36K | A$386K |
| $395K–$420K | 6 | A$304K | A$54K | A$36K | A$412K |
| $420K–$445K | 3 | A$313K | A$52K | A$37K | A$426K |
| $445K–$470K | 2 | A$301K | A$54K | A$85K | A$456K |
| $495K–$520K | 2 | A$398K | A$43K | A$37K | A$497K |
| $545K–$570K | 2 | A$433K | A$55K | A$37K | A$548K |
| $570K–$595K | 3 | A$374K | A$72K | A$112K | A$582K |
| $595K–$620K | 2 | A$431K | A$62K | A$101K | A$611K |
| $895K–$920K | 1 | A$259K | A$53K | A$573K | A$904K |
Distribution Visualization
Source: RBA Annual Report 2021/22 — Our People section. "Other" includes motor vehicle benefits, car parking, health benefits, and fringe benefits tax. Includes remuneration of all executive/senior staff at Head of Department level and above. Total of 45 senior executives.
Variable Pay Structure
The RBA abolished its Performance Pay Scheme in September 2022. All employees received a one-off 2% base salary increase to compensate. A residual performance pool (2% of salaries) remains.
Pre-2022 Model
- Performance Pay Scheme — annual lump sum
- Funded from 2% of total salary pool
- Linked to individual performance assessment
- Paid in November each year
- Average payout: ~A$2,000–$6,000 for most staff
Post-2022 Model
- Performance Pay Scheme abolished September 2022
- Replaced with 2% permanent base salary increase
- Reward Increase Scheme introduced for capability growth
- ~36% of staff received reward increases (avg 5.4%)
- Career stage progression for ~47 employees annually
Executive Compensation
Governor and Deputy Governor pay is set by the Remuneration Tribunal. No bonuses, no equity, no variable pay — pure fixed compensation.
Governor Total Comp — 2024/25
Central Bank Governor Comparison
Key Management Personnel — Recent
| Name | Role | Period | Total Remuneration |
|---|---|---|---|
| Philip Lowe | Governor | 2022/23 | $1,147,465 |
| Michele Bullock | Deputy Governor → Governor | 2022/23 → 2023/24 | $828,313 → ~$1,150,000 |
| Andrew Hauser | Deputy Governor | 2024/25 | ~$865,000 |
| Christopher Kent | AG, Financial Markets | 2022/23 | $713,315 |
| Michelle McPhee | AG, Business Services | 2022/23 | $707,958 |
| Susan Woods | AG, Corporate Services | 2022/23 | $687,374 |
| Brad Jones | AG, Financial System | 2022/23 | $608,269 |
Senior Leadership Compensation
Governor and Deputy Governor remuneration is set by the Remuneration Tribunal. Assistant Governor pay is determined by the Governor in consultation with the Board Remuneration Committee.
Remuneration Governance
- Governor & Deputy Governor: set by the independent Remuneration Tribunal as Principal Executive Offices
- Assistant Governors: determined by Governor with Board Remuneration Committee approval
- Neither Governor nor Deputy Governor participates in decisions about their own remuneration
- No performance bonuses for Governor, Deputy Governor, or Assistant Governors
- Benchmarked externally via FIRG, Aon Hewitt, and Mercer surveys
Board & Committee Fees
Non-executive board member fees are determined by the Remuneration Tribunal. From March 2025, the former Reserve Bank Board was replaced by a Governance Board and Monetary Policy Board.
| Board / Committee | Annual Fee | Super | Total | Notes |
|---|---|---|---|---|
| Governance Board | $77,620 | 11.5% | ~$86,550 | From 1 March 2025 |
| Monetary Policy Board | $77,620 | 11.5% | ~$86,550 | From 1 March 2025 |
| Audit & Risk Committee | $12,420 | 11.5% | ~$13,850 | Additional to board fee |
| Payments System Board | $47,020 | 11.5% | ~$52,430 | ACCC Chair not remunerated |
Key Governance Changes (March 2025)
- Reserve Bank Board split into Governance Board + Monetary Policy Board
- New Chief Operating Officer role created at Deputy Governor level
- Governor, Deputy Governor, and COO sit on both boards
- External members appointed through open expression of interest process
- Governance Board oversees organisational strategy; Monetary Policy Board handles rate decisions
Benefits & Perks
Financial
Leave
Career & Development
- Graduate Program — 2-year structured rotation (35 places from 1,800+ applicants)
- IT Graduate Program — 4 x 6-month rotations across tech teams
- Internship Program — ~27 places from ~1,000 applicants
- Part-time study support (26 employees) and full-time postgrad (14 employees)
- Access to e-learning platforms and professional development
- Flexible working arrangements and hybrid working (since COVID)
- Free 24/7 EAP for staff and families
- Free gym at Head Office + subsidised cafe + wellness programs
- Relocation assistance for interstate graduates
- Five Employee Resource Groups (accessibility, gender, First Nations, LGBTQ+, cultural identity)
Performance & Pay Progression
Annual remuneration review in September each year. Recommendations made by the Remuneration Committee (Deputy Governor, AGs, Head of HR) and approved by the Governor.
Promotion Timeline
Recent Salary Increases
| Year | Increase | Notes |
|---|---|---|
| 2020/21 | 1.9% | Career increments: 3.9% avg for ~1/3 of staff |
| 2021/22 | 2.7% + 2% + 0.3% | Perf pay buyout + govt interim; ~5% total |
| 2022/23 | ~3.0% | Aligned to Public Sector Interim Arrangement |
| 2023/24 | ~3.5% | Market-competitive adjustments (est.) |
| 2024/25 | ~3.0–4.0% | Continued Reward Increase Scheme (est.) |
Key Nuances & Insights
What makes RBA compensation unique — structural advantages, gaps, and cultural factors that shape how the central bank pays.
Not APS — Independent Pay Framework
RBA staff are employed under the Reserve Bank Act 1959, NOT the Public Service Act. This gives the RBA independence to benchmark against financial services, resulting in salaries 20–40% above equivalent APS roles.
Defined Benefit Super — A Hidden Advantage
Pre-2014 staff receive 18.3% employer super contributions via the RB Super defined benefit fund (surplus: $534M). Even new DC members get 15.4% — well above the 11.5% SG minimum and most private sector employers.
Governor Earns Almost 2x the PM
At ~A$1.20M total, the RBA Governor earns nearly double the PM ($622K) and ~4x the US Fed Chair (US$190K / ~A$295K). Base salary of A$987K plus generous super. Set independently by the Remuneration Tribunal, not the government.
No Equity, No Upside
As a government body, the RBA has zero equity programs. An Assistant Governor (~$650K total) earns far less than Big 4 bank equivalents where equity can double or triple total compensation.
94% Sydney Concentration
Almost all RBA employees work at Martin Place, Sydney. State offices are token presences (2–5 staff each). This geographic concentration is unusual for a national institution and drives up compensation costs.
<2% Graduate Acceptance Rate
~35 graduates from 1,800+ applicants (<2% acceptance). More selective than top consulting firms. Economists rotate across policy groups; IT graduates do 4 rotations over 2 years.
Performance Pay Abolished (2022)
The formal Performance Pay Scheme was scrapped in September 2022 in favour of a permanent 2% base increase. The Reward Increase Scheme now provides targeted raises for capability growth — a shift from performance differentiation to stability.
Private Sector Talent Drain
The 13.1% resignation rate in 2021/22 (up from 7.7%) reflects competition from commercial banks and fintechs — especially for IT, data science, and quant roles where the RBA can't match private sector pay.
Governance Revolution in Progress
The 2023 RBA Review triggered the biggest structural change since 1959: splitting into Monetary Policy Board and Governance Board from March 2025, plus a new Chief Operating Officer role at Deputy Governor level.
Benchmarked Against Banks, Not Government
The RBA uses FIRG (Financial Institutions Remuneration Group), Aon Hewitt, and Mercer surveys — not APS pay scales. This unique positioning means RBA pay sits between public sector and commercial banking.