First $1 million public servant
(8 April 2011 – Australia) Reserve Bank of Australia (RBA) governor Glenn Stevens is the first public servant to earn a A$1 million salary.
The increase is set to flow through the heads of other big government departments including Treasury, the Department of the Prime Minister and Cabinet, according to The Australian. Currently the highest salaries within these departments are just half of what Mr Stevens is now earning.
Treasurer Wayne Swan said he expected there would be a legitimate community concern about Mr Steven’s salary.
'It's a matter that's been there for the Reserve Bank board, which is independent of the Government, to consider,' Mr Swan said.
In a report a year ago released by The Remunerations Tribunal, it was signalled that the RBA governor’s salary could set a benchmark for other public servants.
The tribunal has withheld its report setting out its view on what department secretaries should earn, even as the Government wants to grant the tribunal with exclusive power to set the salaries.
Until its annual report the RBA kept its top salaries secret, but the 2009-2010 report revealed the governor’s pay of A$1.05 million – a jump of 82 percent in the past five years, while deputy governor Ric Battellino received A$800,000 – an 86 percent leap.
The annual report explained the restructure of salaries in 2008, with top staff sacrificing fringe benefits such as free world travel for spouses; it said the aim was to make remuneration more transparent.
The salaries of the governor and deputy governor are set by a committee of three of the bank’s corporate directors.
Treasurer Wayne Swan said he expected there would be a legitimate community concern about Mr Steven’s salary.
'It's a matter that's been there for the Reserve Bank board, which is independent of the Government, to consider,' Mr Swan said.
In a report a year ago released by The Remunerations Tribunal, it was signalled that the RBA governor’s salary could set a benchmark for other public servants.
The tribunal has withheld its report setting out its view on what department secretaries should earn, even as the Government wants to grant the tribunal with exclusive power to set the salaries.
Until its annual report the RBA kept its top salaries secret, but the 2009-2010 report revealed the governor’s pay of A$1.05 million – a jump of 82 percent in the past five years, while deputy governor Ric Battellino received A$800,000 – an 86 percent leap.
The annual report explained the restructure of salaries in 2008, with top staff sacrificing fringe benefits such as free world travel for spouses; it said the aim was to make remuneration more transparent.
The salaries of the governor and deputy governor are set by a committee of three of the bank’s corporate directors.
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