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Our People

The Reserve Bank seeks to attract, develop and retain high-quality people, and to foster an environment where there is a strong focus on behaviours consistent with the Bank’s values and risk appetite. The emphasis of this work in 2018/19 focused on: developing employee capabilities in leadership and management; providing greater clarity over position requirements and career opportunities; and ensuring that employees work in a safe and productive environment. Consistent with its values, the Bank also emphasises supporting a diverse and inclusive workforce that is both reflective of, and relevant to, all Australians. This is achieved by raising awareness of issues experienced, ensuring employment opportunities are based on merit and providing flexible work arrangements.

2018/19 Workforce Profile

In June 2019, the Reserve Bank (excluding Note Printing Australia Limited) had 1,378 employees. With 8 per cent of employees working part time, the Bank’s workforce comprised 1,343 full-time equivalent (FTE) employees. During 2018/19, there was a decline in project resourcing as a number of large projects were completed, but this was offset by an increase in staff to operate and support the new activities and services resulting from these projects. During the year, the Reserve Bank hired 254 employees, of which 67 per cent were recruited on maximum-term contracts.

 In June 2019, the Reserve Bank (excluding Note Printing Australia Limited) had 1,378 employees.

Employees of the Reserve Bank(a)

30 June 2018

30 June 2019

Work practices

– Full time

1,256

1,268

– Part time

106

110

Gender

– Women

595

600

– Men

767

778

Location

– Head Office, Sydney

1,208

1,221

– H. C. Coombs Centre for Financial Studies, Sydney

2

2

– Business Resumption Site, Sydney

36

41

– Note-printing facility and National Banknote Site, Craigieburn

67

69

– Canberra Branch

12

12

– Victorian Office, Melbourne

6

4

– Queensland Office, Brisbane

3

3

– South Australian Office, Adelaide

3

3

– Western Australian Office, Perth

3

3

– New York Representative Office

10

9

– European Representative Office, London

9

8

– China Representative Office, Beijing

3

3

Total

1,362

1,378

(a) Excludes NPA; these statistics have not been disaggregated by ongoing and non-ongoing employees since the Public Service Act 1999 definitions of these terms do not directly apply to employees of the Reserve Bank.

Source: RBA

The graduate and internship programs continue to be an important recruitment channel, particularly in the policy formulation and implementation areas of the Reserve Bank. In 2018/19, these early career programs were supplemented by a number of mid-career hires. In the year to June 2019, the Reserve Bank hired 32 university graduates and 30 interns. These graduates and interns work in the Bank’s policy, business services and corporate support areas and hold degrees in economics, commerce, IT and other professional disciplines.

As discussed in more detail in the Reserve Bank’s Equity & Diversity Annual Report, the Bank emphasises creating a workplace that is inclusive of all people and respects the individual contributions of all employees. Initiatives in 2018/19 included raising awareness and highlighting unconscious biases, ensuring appointments and promotions are based on merit, monitoring and addressing wage inequities, promoting flexible work arrangements and developing guidelines to ensure that the workplace is inclusive of people who require temporary or permanent workplace adjustments.

In terms of the Reserve Bank’s demographic profile, the median age of Bank employees is 39 years, with almost two-fifths of employees under the age of 35, and the median tenure of employees is five years.

People and Culture

The Reserve Bank’s core values, as set out in its Code of Conduct, help shape the Bank’s culture and guide expectations and standards around workplace behaviour and professional conduct. The Bank’s values are as follows.

1. Promotion of the public interest

We serve the public interest. We ensure that our efforts are directed to this objective, and not to serving our own interests or the interests of any other person or group.

2. Excellence

We strive for technical and professional excellence.

3. Intelligent inquiry

We think carefully about the work we do and how we undertake it. We encourage debate, ask questions and speak up when we have concerns.

4. Integrity

We are honest in our dealings with others within and outside the Bank. We are open and clear in our dealings with our colleagues. We take appropriate action if we are aware of others who are not acting properly.

5. Respect

We treat one another with respect and courtesy. We value one another’s views and contributions.

There is a strong focus on these core values in the Reserve Bank, led by the Governor and supported by the Bank’s People and Culture Strategy. In 2018/19, three key elements were emphasised to cultivate and empower our employees by:

  • developing an integrated approach to employee development
  • building a culture of open and constructive communication consistent with our values
  • developing solutions that deliver greater productivity and responsiveness to change.

The Reserve Bank will undertake its fourth employee engagement survey in the second half of 2019. The survey is a useful tool for identifying strengths as an organisation as well as opportunities for improvement. The survey will also provide the opportunity to assess the efforts to address issues identified in previous employee engagement surveys, such as improving collaboration, organisational change, decision-making, retention and career opportunities.

Based on the outcomes from the 2017 employee engagement survey, an employee program called ‘Speak Up’ was initiated, encouraging staff to speak up when they have a different opinion or a concern, and enhancing their understanding of appropriate risk-taking in pursuit of the Reserve Bank’s objectives. Another initiative was to develop a ‘culture of conversations’, to build management capabilities to have productive performance and career conversations with team members, create a culture of accountability and transparency, and to improve communication and collaboration across the Bank.

The Reserve Bank continued its focus on leadership development and talent management during the year. The Bank ran an Engaging Leaders Program for managers to build capability and confidence in core leadership and people management.

The People and Culture Strategy emphasises ensuring that the talents of employees are fully utilised and developed. On-the-job development opportunities are supplemented by formal training and professional development programs, including:

  • an eight-week Internship Program, which provides high-performing university students work experience and training through the completion of an applied research project. This program is an important source of early- career professionals for the Reserve Bank’s Graduate Development Program
  • a two-year Graduate Development Program, consisting of a range of tailored training programs to develop policymaking frameworks, effective business writing, critical thinking, presentation, communication and negotiation skills. A total of 53 graduates participated in the program in 2018/19
  • training as required in technical, management and leadership skills, resilience and other general competencies, such as communication skills
  • regular training in the Bank’s compliance obligations, including in relation to work health and safety, mental health and wellbeing, fraud awareness and anti-money laundering/counter-terrorism financing
  • workshops for all staff on appropriate workplace behaviour.

Development opportunities are provided to employees by facilitating internal rotation programs between different areas of the Reserve Bank and external secondments. The Bank also hosts secondees from other institutions to foster corporate networks and share understanding of best practice. In 2018/19, the breadth of secondment activities increased, involving a wide range of Australian institutions, including the Australian Bureau of Statistics, the Australian Competition and Consumer Commission, the Australian Prudential Regulation Authority, the Australian Treasury and the Commonwealth Department of the Prime Minister and Cabinet, as well as a range of international institutions (see the chapter on ‘International Financial Cooperation’ for details).

The Reserve Bank encourages employees to develop their skills continually and provides financial support to employees for part-time study in disciplines related to their work, with 64 employees benefiting from this support during 2018/19. In addition, the Bank provided support to 13 employees undertaking full-time postgraduate study at universities in Australia and overseas during this period.

The People and Culture Strategy actively promotes an inclusive work environment. The Bank’s Diversity and Inclusion Council and Employee Resource Groups (ERGs) continued to pursue activities and practices that support the Bank’s Diversity and Inclusion Plan.

The Reserve Bank actively supports flexible work practices, including part-time work and job-share arrangements. The Bank enables flexible ways of working full time, by supporting changes in work patterns or location, including altering start or finish times, working compressed work weeks, and working from home or other locations. In the 2017 employee engagement survey, almost 80 per cent of employees reported that they had worked flexibly in some way in the preceding 12 months.

The Reserve Bank has a target of 35 per cent of management positions to be filled by women by 2020, with a longer-term aim of 50 per cent. In support of the target, there is a strong focus on talent management at the Bank, including succession and development planning for both women and men, and measures to ensure diversity of candidates in all selection processes. As at June 2019, women in management occupied 35 per cent of managerial roles, up from 34 per cent in the previous year. During the past year, 45 per cent of managerial vacancies were filled by women, and 45 per cent of roles at the senior manager level and above were filled by women.

 As at June 2019, women occupied 35 per cent of managerial roles at the Reserve Bank, up from 34 per cent in the previous year. As at June 2019, women employees were 44 per cent of total employees at the Reserve Bank.

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The Reserve Bank actively works to promote economics, finance, mathematics and IT as career options for women. The Public Access & Education team is dedicated to providing learning experiences and information to schools, universities and educators about the economy and the role of Australia’s central bank (see the chapter on ‘Communication and Community Engagement’ for details).

The Reserve Bank continued to fund an internship for Indigenous Australian university students, with five participants in 2018/19. The internship is facilitated by CareerTrackers, a not-for-profit agency that works with organisations to provide work experience, networking and professional development opportunities for Indigenous Australian university students. The internship involves vacation work at the Bank as well as professional development training.

In 2019, the Reserve Bank continued its partnership with My Gateway, an apprentice and traineeship support organisation. Five trainees joined the program, which provides work experience and a nationally recognised qualification to Indigenous Australians. From the 2018 traineeship program, three trainees graduated with Certificate III in Business Administration, one of whom has secured a full-time position at the Bank.

The Reserve Bank also welcomed two tertiary students with a disability through the Australian Network on Disability’s ‘Stepping Into’ internship program and continues to provide long-term employment for individuals with intellectual disabilities through the JobSupport program.

The Reserve Bank raised employees’ awareness and involvement in diversity and work health and safety matters by supporting staff participation in external events and hosting guests at the Bank to speak on diversity, inclusion and health-related topics. Diversity events included speakers on Indigenous Australians, gender and accessibility matters, along with events to mark NAIDOC week, Reconciliation Week, International Day of People with Disability, Harmony Day, Wear It Purple Day, Global Accessibility Awareness Day, National Carers Week and International Women’s Day. In addition, the Bank continued to raise awareness about mental health in the workplace, including through RUOK? Day activities, and other initiatives from its newly developed mental health strategy to support the prevention and management of workplace mental health issues.

Remuneration

The positions of Governor and Deputy Governor are designated as Principal Executive Offices in terms of the Remuneration Tribunal Act 1973, which provides for the Remuneration Tribunal to determine the applicable remuneration for these positions. Within the parameters determined by the Remuneration Tribunal, the Reserve Bank Board Remuneration Committee, comprising three non-executive members, makes a recommendation on remuneration for these positions for approval of the Reserve Bank Board, which is the ‘employing body’ for the positions. In accordance with provisions of the Reserve Bank Act 1959, neither the Governor nor the Deputy Governor takes part in decisions of the Reserve Bank Board relating to the determination or application of any terms or conditions on which either of them holds office.

The employment arrangements that apply to Reserve Bank employees vary according to their occupation and level of seniority. Executive and managerial employees are engaged with the Reserve Bank under Individual Employment Agreements. Non-managerial employees are covered by the Bank’s Workplace Agreement, although the majority of these employees also have Individual Employment Agreements. Employees covered solely by the Workplace Agreement are typically in more administrative positions.

While the specific remuneration arrangements that apply to employees differ according to their employment arrangements with the Reserve Bank, remuneration packages are designed to attract and engage high-calibre employees. The Bank uses surveys such as Financial Institution Remuneration Group and Aon Hewitt for remuneration and benefit benchmarking. In reviewing these data, the Bank compares the benchmarked role’s fixed remuneration (salary plus superannuation) with the Bank-offered packages. The Bank’s remuneration packages consist of salary, superannuation and benefits that can be taken as cash. In addition, subject to a minimum work time period for the performance year, all employees are eligible to receive an additional lump-sum performance-based payment that is distributed from a pool of 2 per cent of salaries.

The Bank monitors differences in the salaries of male and female employees. This work shows that the gap between the average full-time equivalent salaries of men and women has declined from 16.6 per cent to 13.3 per cent over the past two years. The gap continues to be explained largely by the fact that women occupy a greater proportion of positions at lower levels and a lower proportion of senior positions compared with men. In recognition of this, the Bank has worked to increase the number of women in managerial positions (as noted in the ‘People and Culture’ section above).

Remuneration increases are governed by the Reserve Bank’s internal Remuneration Committee, comprising the Deputy Governor, Assistant Governors and the Head of Human Resources. This committee reviews and makes recommendations to the Governor on the proposed annual remuneration review outcomes, whereby salary increases are allocated to individuals on the basis of their performance. For the 2017/18 remuneration review, the budget available for the annual salary component was 2.25 per cent of the total salary bill for those eligible employees. This was based on the Workplace Agreement requiring a 2 per cent increase in the salary ranges and a discretionary 0.25 per cent to allow for high performers to be rewarded.

The distribution of remuneration paid to Reserve Bank executives and other senior employees on an accrual basis is set out in the tables below. The provision of this information is consistent with similar information provided by other Commonwealth entities.

Remuneration of Key Management Personnel

Remuneration received in 2018/19($)(a)

Short‑term benefits

Post‑employment benefits

Other long‑term benefits

Termination benefits

Total remuneration

Name

Position title

Base salary

Bonuses

Other benefits and allowances

Superannuation contributions

Long service leave

Other long‑term benefits

Reserve Bank Executives

(1)

(2)

(3)

(4)

(5) (6)

Philip Lowe

Governor

911,728

0

8,190

116,962

22,881

0

0

1,059,761

Guy Debelle

Deputy Governor

668,595

0

8,190

87,721

22,813

0

0

787,319

Lindsay Boulton

Assistant Governor, Business Services

449,488

8,994

36,443

84,365

11,457

0

0

590,747

Michele Bullock

Assistant Governor, Financial System

505,260

10,088

36,443

95,159

17,231

0

0

664,181

Luci Ellis

Assistant Governor, Economic

447,856

8,993

36,443

84,365

15,276

0

0

592,933

Christopher Kent

Assistant Governor, Financial Markets

504,037

9,731

35,781

93,462

16,912

0

0

659,923

Susan Woods

Assistant Governor, Corporate Services

456,744

2,396

36,443

75,117

11,457

0

0

582,157

Non-Executive Members of the Reserve Bank Board

Mark Barnaba AM

Member – Reserve Bank Board Member/Chair – Reserve Bank Board Audit Committee(b)

96,273

0

0

9,146

0

0

0

105,419

Wendy Craik AM

Member – Reserve Bank Board

76,090

0

0

7,229

0

0

0

83,319

John Fraser

Member – Reserve Bank Board(c),(i)

0

0

0

0

0

0

0

0

Philip Gaetjens

Member – Reserve Bank Board(d),(i)

0

0

0

0

0

0

0

0

Ian Harper

Member – Reserve Bank Board

76,090

0

0

7,229

0

0

0

83,319

Allan Moss AO

Member – Reserve Bank Board Interim Chair/Member – Reserve Bank Board Audit Committee(e)

88,234

0

0

8,382

0

0

0

96,616

Carol Schwartz AO

Member – Reserve Bank Board

76,090

0

0

7,229

0

0

0

83,319

Catherine Tanna

Member – Reserve Bank Board

76,090

0

0

7,229

0

0

0

83,319

Non-Executive Members of the Payments System Board

Wayne Byres

Member – Payments System Board(i)

0

0

0

0

0

0

0

0

Gina Cass-Gottlieb

Member – Payments System Board(f)

56,996

0

0

5,414

0

0

0

62,410

Paul Costello

Member – Payments System Board(g)

2,293

0

0

218

0

0

0

2,511

Deborah Ralston

Member – Payments System Board

59,780

0

0

5,679

0

0

0

65,459

Greg Storey

Member – Payments System Board(h)

54,703

0

0

5,197

0

0

0

59,900

Catherine Walter AM

Member – Payments System Board

59,780

0

0

5,679

0

0

0

65,459

Brian Wilson AO

Member – Payments System Board

59,780

0

0

5,679

0

0

0

65,459

(a) Remuneration of Key Management Personnel are in relation to the Reserve Bank of Australia entity only.

(b) Appointed to the Reserve Bank Board Audit Committee as a Member on 23 July 2018 and as Chair on 8 August 2018

(c) Retired from the Reserve Bank Board on 31 July 2018

(d) Appointed to the Reserve Bank Board on 1 August 2018

(e) Ceased as Interim Chair of the Reserve Bank Board Audit Committee on 7 August 2018

(f) Retired from the Payments System Board on 14 July 2018, reappointed to the Payments System Board on 1 August 2018

(g) Retired from the Payments System Board on 14 July 2018

(h) Appointed to the Payments System Board on 1 August 2018

(i) The Secretary to the Treasury, as a member of the Reserve Bank Board, and the Chairman of APRA, as a member of the Payments System Board, are not remunerated

Notes

1. The ‘Base Salary’ column is prepared on an accrual basis and includes gross salary earned while working plus annual leave accrued.

2. The ‘Other Benefits and Allowances’ column includes benefits that form part of an individual’s remuneration package. This includes, for eligible members of staff, motor vehicle benefits, car parking and health benefits, plus the related fringe benefits tax on these benefits.

3. The ‘Superannuation Contributions’ column is calculated as: contribution amounts for individuals who are eligible for a defined contribution arrangement in a defined contribution scheme; and for individuals who are in a defined benefit arrangement, an amount equal to 15.4 per cent of superannuable salary, plus any employer productivity contributions.

4. The ‘Long Service Leave’ column is calculated as long service leave accrued.

5. Total remuneration does not include the cost of revaluing previously accrued leave entitlements and non-superannuation post-employment benefits, which are included in the reported total remuneration of Key Management Personnel in the notes to the financial statements.

6. Reported total remuneration for the positions of Governor and Deputy Governor differs from the remuneration determined by the Remuneration Tribunal by the net accrual of leave.

Remuneration of Senior Executives

Remuneration received in 2018/19($)(a)

Short‑term benefits

Post‑employment benefits

Other long‑term benefits

Termination benefits

Total remuneration

Total remuneration bands

Number of senior executives

Average base salary

Average bonuses

Average other benefits and allowances

Average superannuation contributions

Average long service leave

Average other long‑term benefits

Average termination benefits

Average total remuneration

(1)

(2)

(3)

(4)

$0 - $220,000

4

68,378

1,842

13,913

16,318

3,308

0

0

103,759

$220,001 - $245,000

1

141,978

6,425

29,997

46,031

6,416

0

0

230,847

$270,001 - $295,000

2

99,335

6,434

21,129

23,456

5,451

0

131,264

287,069

$295,001 - $320,000

3

225,148

3,995

34,687

41,677

5,634

0

0

311,141

$320,001 - $345,000

5

238,279

5,082

34,687

44,820

6,498

0

0

329,366

$345,001 - $370,000

5

261,168

5,500

34,454

49,846

7,648

0

0

358,616

$370,001 - $395,000

5

279,671

6,743

34,570

50,394

8,228

0

0

379,606

$395,001 - $420,000

2

304,682

6,406

34,687

56,879

8,988

0

0

411,642

$420,001 - $445,000

3

333,520

6,698

34,687

52,794

10,235

0

0

437,934

$445,001 - $470,000

2

352,125

4,180

34,395

59,398

10,010

0

0

460,108

$470,001 - $495,000

3

368,678

7,515

34,687

67,874

10,248

0

0

489,002

$495,001 - $520,000

3

379,200

6,243

34,600

71,354

12,510

0

0

503,907

$520,001 - $545,000

2

396,455

8,241

34,687

75,509

11,948

0

0

526,840

$570,001 - $595,000

2

448,675

10,176

34,395

80,606

10,945

0

0

584,797

$620,001 - $645,000

1

251,008

5,290

316,493

47,473

6,446

0

0

626,710

$695,001 - $720,000

2

264,483

6,663

379,940

49,239

7,873

0

0

708,198

$795,001 - $820,000

1

270,362

7,275

484,765

49,317

6,698

0

0

818,417

(a) Each row shows an average figure based on the number of individuals within each remuneration band based on total remuneration earned. A Senior Executive for the purpose of this table is a member of staff holding a position of Head of Department or Deputy Head of Department (or equivalent).

Notes

1. The ‘Base Salary’ column is prepared on an accrual basis and includes gross salary earned while working plus annual leave accrued.

2. The ‘Other Benefits and Allowances’ column includes benefits that form part of an individual’s remuneration package. This includes, for eligible members of staff, motor vehicle benefits, car parking and health benefits, plus the related fringe benefits tax on these benefits. For staff located interstate or overseas, this may also include allowances and accommodation benefits, plus the related fringe benefits tax on these benefits.

3. The ‘Superannuation Contributions’ column is calculated as: contribution amounts for individuals who are eligible for a defined contribution arrangement in a defined contribution scheme; and for individuals who are in a defined benefit arrangement, an amount equal to 15.4 per cent of superannuable salary plus any employer productivity contributions.

4. The ‘Long Service Leave’ column is calculated as long service leave accrued.

Remuneration of Other Highly Paid Staff

Remuneration received in 2018/19($)(a)

Short‑term benefits

Post‑employment benefits

Other long‑term benefits

Termination benefits

Total remuneration

Total remuneration bands

Number of other highly paid staff

Average base salary

Average bonuses

Average other benefits and allowances

Average superannuation contributions

Average long service leave

Average other long‑term benefits

Average termination benefits

Average total remuneration

(1)

(2)

(3)

(4)

$220,001 - $245,000

55

168,374

3,923

18,182

31,532

4,346

0

5,489

231,846

$245,001 - $270,000

32

192,303

3,477

18,649

35,069

5,145

0

4,748

259,391

$270,001 - $295,000

24

198,974

3,836

36,842

36,584

5,650

0

0

281,886

$295,001 - $320,000

9

214,492

3,566

38,732

44,326

5,584

0

0

306,700

$320,001 - $345,000

5

176,975

3,843

96,120

32,664

4,933

0

18,807

333,342

$345,001 - $370,000

1

124,111

3,985

13,966

41,672

3,136

0

158,614

345,484

$370,001 - $395,000

1

94,503

1,826

260,530

17,500

2,375

0

0

376,734

$395,001 - $420,000

1

157,685

3,258

202,105

29,951

5,419

0

0

398,418

$470,001 - $495,000

2

164,967

3,660

274,284

30,856

7,507

0

0

481,274

$670,001 - $695,000

1

175,266

5,193

455,660

32,608

4,428

0

0

673,155

(a) Each row shows an average figure based on the number of individuals within each remuneration band based on total remuneration earned.

Notes

1. The ‘Base Salary’ column is prepared on an accrual basis and includes gross salary earned while working plus annual leave accrued.

2. The ‘Other Benefits and Allowances’ column includes benefits that form part of an individual’s remuneration package. This includes, for eligible members of staff, motor vehicle benefits and health benefits, plus the related fringe benefits tax on these benefits.

For staff located interstate or overseas, this may also include allowances and accommodation benefits plus the related fringe benefits tax on these benefits.

3. The ‘Superannuation Contributions’ column is calculated as: contribution amounts for individuals who are eligible for a defined contribution arrangement in a defined contribution scheme; and for individuals who are in a defined benefit arrangement, an amount equal to 15.4 per cent of superannuable salary plus any employer productivity contributions.

4. The ‘Long Service Leave’ column is calculated as long service leave accrued.