RBA loses power to set wages

glenn-stevens2

Australian treasurer Wayne Swan has stripped the Reserve Bank of Australia of the right to set the wages of its board and executives.

The salaries of top central bank officials will now be decided by a Remuneration Tribunal that already sets the wages of politicians and civil servants.

Swan said he wanted to ensure the central bankers' pay packets were in line with those paid in the public sector. The move ends an ongoing argument concerning the high salary of governor Glenn Stevens.

Stevens

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