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Tuesday, October 17, 2023

Robert MacCulloch: The RBNZ Paid its "Exec Leadership Team" $5.2 million (they're just 10 of them, most non-economists)

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Forget the cost-of-living-crisis. That's not something experienced in Wellington by public sector executives. The Reserve Bank's Annual Report has just been released & says its Executive Leadership Team was paid just under $5.2 million. Most of the 10 of them have no training in economics (8 to be precise) so I'm not clear what it is they do that's associated with NZ having better economic (monetary & banking) policies.

So on average they're paid around three times what a NZ University Professor earns. As for the Board of Directors, it's even less clear what they do - and again most have little to no expertise in central banking. Nevertheless that 7 member Board took $662,000 for what-ever-it-is-they-do.

Sources:
See page 153 of the Annual Report
https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/annual-reports/annual-report-2023.pdf

https://www.rbnz.govt.nz/about-us/our-people/our-executive-leadership-team 

Professor Robert MacCulloch holds the Matthew S. Abel Chair of Macroeconomics at Auckland University. He has previously worked at the Reserve Bank, Oxford University, and the London School of Economics. He runs the blog Down to Earth Kiwi from where this article was sourced.
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3 comments:

Anonymous said...

Every central bank on Earth has but ONE goal, an “endgame,” which is to be the lender and buyer of last resort. TO OWN THE WORLD.

All central banks collectively have but one product, ONLY ONE! And that is their ability to issue debt… DEBT IS THE ONE AND ONLY PRODUCT OF EVERY SINGLE CENTRAL BANK ON THE PLANET. And the more debt any central bank can issue, or is called on to issue by politicians, the stronger they become.

Why is it that global debt never goes down? Why is it that global debt today is skyrocketing at it fastest pace ever?

Just to put this into perspective, US debt is rising at $40 billion PER DAY! And at the current pace the US will add $1 trillion in Federal debt every 45 days.

October 17, 2023 at 1:51 PM
Rob Beechey said...

This quango of misfits, devoid of economic specialisation, placed Climate Alarmism above their core function and as a consequence missed the opportunity to arrest inflation in its infancy. NZ is paying the price for their mismanagement while their renumeration insulates them from reality.

October 17, 2023 at 5:51 PM
Kevn said...

It's a beautiful thing to behold. Grossly overpaid and providing sub optimal decisions. Shouldn't be difficult.
I wonder 'what they do' and why can't we all join in. 600k would be reward enough.

October 17, 2023 at 6:03 PM

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