Some may see some irony in Reserve Bank Governor Don Brash’s $11,000 pay rise, Prime Minister Helen Clark said today. “I
certainly do,” she added.
The pay rise comes after Mr Brash warned the Reserve Bank would have to increase interest rates to contain inflationary
pressures unless the domestic economy showed restraint in setting prices, fees, wages and salaries.
The Prime Minister conceded the pay rise, which amounted to just under a 2.4 percent pay increase, was “about the going
rate,” but said, “it comes on top of a pretty handsome rate.”
The pay rise takes Mr Brash’s salary to nearly half a million dollars.
Miss Clark said she would not be accepting a recommended pay increase of 9.5 percent, and said she would be most
surprised if other MPs accepted a large pay increase.
The Prime Minister said she would hate to think what her hourly rate would amount to, broken down over her seven-day
week. “We don’t do this job for money,” she said.