Australian PM Malcolm Turnbull slams high CEO salaries

Canberra: Australian Prime Minister Malcolm Turnbull on Friday railed against excessive salaries being paid to the nation's top business leaders and bureaucrats. Earlier this week, a Senate committee revealed that government-owned Australia Post's chief executive, Ahmed Fahour, earned 5.6 million Australian dollars ($4 million) in 2016, made up of a 4.4 million salary and a 1.2 million bonus, Xinhua news agency reported.

IANS February 10, 2017 09:49:13 IST
Australian PM Malcolm Turnbull  slams high CEO salaries

Canberra: Australian Prime Minister Malcolm Turnbull on Friday railed against excessive salaries being paid to the nation's top business leaders and bureaucrats.

Earlier this week, a Senate committee revealed that government-owned Australia Post's chief executive, Ahmed Fahour, earned 5.6 million Australian dollars ($4 million) in 2016, made up of a 4.4 million salary and a 1.2 million bonus, Xinhua news agency reported.

Turnbull said a 'cult' of overpaid CEOs was emerging in Australian business, and said to many bosses were accepting highly-inflated, multi-million dollar salaries.

"I believe (Fahour's) salary is far too high. That is too much money for that job," Turnbull said.

"I think there are lot of corporate CEOs, by the way, who are overpaid. I think it has become almost a cult of excessive executive remuneration."

The prime minister said it "would be a good thing" if Fahour took a significant pay cut from next year, considering Australia Post is a government-owned and therefore taxpayer-funded company.

Earlier this week, a spokesperson from Australia Post defended the CEO's salary, saying: " Fahour's salary takes into account the size and complexity of the organization, which has an annual turnover of more than 6 billion Australian dollars ($4.5 billion)."

Updated Date:

also read

Transcript leak of Donald Trump's conversations are a national security matter: White House
World

Transcript leak of Donald Trump's conversations are a national security matter: White House

The leak of of telephonic conversations between Donald Trump and the leaders of Mexico and Australia is a national security matter, the White House said.

US vice-president Mike Pence reaffirms alliance with Australia, to honour refugee deal
World

US vice-president Mike Pence reaffirms alliance with Australia, to honour refugee deal

Sydney: US vice president Mike Pence on Saturday reaffirmed "the strong and historic" alliance with Australia and confirmed that it will honour a refugee deal that Washington made with Canberra

Australian prime minister slams N Korea for testing ICBM, says action 'illegal and dangerous'
World

Australian prime minister slams N Korea for testing ICBM, says action 'illegal and dangerous'

Australian prime minister Malcolm Turnbull condemned North Korea's latest intercontinental ballistic missile launch, describing the action as "illegal and dangerous" to global peace and stability. North Korea "successfully" test fired an intercontinental ballistic missile (ICBM) which is capable of hitting anywhere in the United States.