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RBA pays fed govt $669 million dividend

The Reserve Bank of Australia will pay the federal government a dividend of $669 million for 2017/18, almost half of what it handed over the year before.

The RBA recorded a profit of $3.8 billion in the last financial year, after the depreciating Aussie dollar helped the bank rake in more cash on its foreign assets.

The central bank's latest dividend is down from $1.3 billion in 2016/17, when it recorded an operating loss of $900 million but had greater underlying earnings.

Governor Philip Lowe said the bank continues to have a strong balance sheet.

Dr Lowe received a total remuneration package of $1.02 million in 2017/18, as he did the previous year, with a base salary of $903,418.

RBA deputy governor Guy Debelle's total remuneration package was also unchanged at $765,000, with a base salary of $679,000.

Dr Lowe said the risk to the global economy by some countries imposing more trade tariffs, Australia's slow growth in wages and high levels of household kept held the central bank's focus in the year gone by.

In the coming year, Australians should expect to see a new $50 note.

Austrlaian Associated PressBack to Breaking News

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