Australia's Reserve Bank governor Michele Bullock receives $400,000 pay rise

Australia's Reserve Bank governor, Michele Bullock, has received a nearly $400,000 pay increase since her promotion in September 2023. Her annual salary now totals over $1 million, with a quarterly base pay of $270,000. Bullock's pay rise contrasts with the average wage growth in Australia, which was 4.1% over the past year. Her predecessor, Philip Lowe, earned about $1.15 million in his final year, reflecting a 10.5% increase. The Reserve Bank has maintained interest rates at 4.35% for six weeks, citing ongoing inflation concerns. Bullock stated that inflation must decrease further before any rate cuts can be considered.