Reserve Bank of Australia Annual Report – 2004 Financial Statements Note 13 – Remuneration of Executives

The number of executives whose remuneration packages, measured in terms of costs to the RBA, fell within the following bands was:

Remuneration band Number
2004		 Number
2003
$100,000 – $109,999 1 1
$110,000 – $119,999 2 1
$120,000 – $129,999 6 6
$130,000 – $139,999 7 5
$140,000 – $149,999 7 14
$150,000 – $159,999 8 13
$160,000 – $169,999 6 6
$170,000 – $179,999 9 3
$180,000 – $189,999 6 2
$190,000 – $199,999 2 4
$200,000 – $209,999 3 5
$210,000 – $219,999 2  
$220,000 – $229,999 4 1
$230,000 – $239,999 1 2
$240,000 – $249,999 2 1
$260,000 – $269,999 1 4
$270,000 – $279,999   1
$280,000 – $289,999 1  
$290,000 – $299,999 3  
$310,000 – $319,999 2 1
$320,000 – $329,999 1 4
$350,000 – $359,999 1  
$360,000 – $369,999 2  
$380,000 – $389,999   1
$420,000 – $429,999 1  
$500,000 – $509,999   1
$550,000 – $559,999 1  

Total remuneration received or due and receivable by these 79 executives amounted to $15,506,945 (76 executives totalling $14,140,463 in 2002/03). Remuneration includes cash salary, the RBA's contribution to superannuation, housing assistance, motor vehicles, car parking and health insurance and the fringe benefits tax paid or payable on these benefits. After observing a contributions ‘holiday’ in recent years, the numbers incorporate the effect of the fact that in 2003/04 the RBA resumed contributions to the staff defined benefit scheme at a rate of 6 per cent of salaries. Remuneration excludes amounts paid to executives posted outside Australia, or seconded to other organisations for the whole or part of the financial year. Remuneration includes amounts paid to executives who are also members of the Bank Board (refer Note 15).

Termination payments of $375,568 were made to executives who left the Bank during 2003/04 ($227,854 in 2002/03); these payments are not reflected in the above table.