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Loose cannons25 May 2007 Big performer “Allan Moss is worth 446 construction workers, 669 graduate teachers, 335 GPs or 108 prime ministers. The head of Macquarie Bank, who was paid $33.49 million last year, is worth 747 times the average Australian worker, who was paid $862 a week. It would take Mr Moss just three hours to earn that worker’s yearly income of about $45,000… But Mr Moss only gets paid so handsomely if he performs. Virtually all of his pay is tied to the bank’s profit performance, and his day-to-day salary is just $670,819 a year.” — Sydney Morning Herald, May 16.
The business of government
“I am in favour of the capitalist system, I really am, and I don’t think it’s the business of government to put caps on people’s salaries.” — Prime Menzies John Howard, May 16, commenting on the 60% increase in Moss’s yearly income. This is presumably why the Howard government has opposed every increase sought by the ACTU since 1996 in the adult minimum wage (now $13.47 per hour). Mac’s pound of flesh “Beaconsfield mine survivor Brant Webb and other former miners say unsafe work practices were adopted so the company could emerge from administration and pay debts owed to Macquarie Bank. The revelations come just one year after a collapse in the Tasmanian gold mine trapped Webb and Todd Russell for two weeks and killed fellow miner Larry Knight.” — Sydney Morning Herald, May 19. |
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