May 19, 2007
Issue
Australia's highest-paid boss, Macquarie Bank chief executive officer Allan Moss, has pocketed a 57% pay rise, now taking home more than double an average worker's yearly wage for one day at the office. In a day, he earns more than most workers get in a year.
Wages over the last 12 months have only increased a pitiful 4%, in line with the CPI but well below the price rises of basic necessities, such as food.
Moss earned $33,489,818 in the year to March 31, 2007. This was 57% more than he got in the previous 12 months ($21,210,349). His wage is the equivalent of $644,034 a week, $128,806 a day or $16,948 an hour, if he worked a 38-hour week. The average Australian wage per annum is about $55,000.