On Friday, Banking Day reported (correctly) that the 2023 annual report of the Reserve Bank of Australia disclosed a 10.5 per cent rise in the remuneration for then- governor Philip Lowe.
There is nuance behind this number, however, including accrual accounting and allowing for one additional pay period last financial year, in order to compare like with like.
The governor received an increase of 2.75 per cent from 1 July 2022, consistent with the applicable determination of the Remuneration Tribunal. This followed two years when no increase was awarded, the RBA explained to Banking Day.