One million dollars is too much for a public servant, according to Wayne Swan -- even for Glenn Stevens, the man charged with setting interest rates and steering Australia's economy.
The Treasurer told Bloomberg today that the salaries of future RBA chiefs will be determined by the Remuneration Tribunal, instead of being left to the RBA Board.
But Stevens will continue to take his cut -- currently worth $1,049,297 -- with the new arrangements set to kick in on 25 July next year but only apply to future people appointed to the role.
It's unknown just what salaries future RBA chiefs will take home, but recent decisions by the Remuneration Tribunal regarding Australia's top public servants may provide an indication.
Last month, the Tribunal offered pay rises to Australia's key regulators, leaving the ACCC and ASIC chiefs with a salary close to $700,000, and the top job at APRA worth more than $800,000.