RBA’s top two executives saw 10% pay increase over past year, report reveals

Annual report notes Philip Lowe and Michele Bullock’s remuneration increase was recommended by an independent committee

The Reserve Bank’s top two executives clocked up remuneration gains of more than 10% in the past year, or not far shy of twice the inflation rate.

During his final year as governor, Philip Lowe took home $1,147,465 in base pay, bonuses, superannuation and other payments. That sum was about 10.5% higher than a year earlier, according to the bank’s annual report, which released on Thursday.