RBA Governor Michele Bullock received total remuneration of $1.22 million in 2025-26, while RBA staff are pushing for an 11 per cent pay rise over three years plus an inflation-protection mechanism to avoid real wage cuts; the bank has offered 9.5 per cent. Hours after the RBA lifted rates for the fourth time this year, Ms Bullock emailed staff urging them to accept the offer, even though a majority had rejected a similar proposal in July. Australia's unemployment rate has risen to 4.7 per cent, up 0.6 percentage points from 4.1 per cent since the RBA began raising rates in February, and Ms Bullock has said unemployment between 4.5 and 5 per cent could ease inflation pressure. Economists say the RBA may not have finished lifting rates.
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