Fat and lazy RBA needs razor treatment

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By Leith van Onselen

While ordinary Australian workers in the private sector are being put through the wringer, the number of people employed by the Reserve Bank of Australia (RBA) has increased from 800 in 2007 to almost 1,400, whereas the RBA governor’s total remuneration package in 2016-17 was $931,000, with around 150 other senior employees on packages of more than $200,000. From The Australian:

RBA employees are very well paid. The total remuneration package of the governor, set by the board, was $931,000 in 2016-17. Superannuation made up 14 per cent of this. (By contrast, the chairman of the US Federal Reserve Bank earns less than $300,000 and the governor of the Bank of Canada earns about half of our governor’s pay packet.)

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.