Pension frozen government blocks call to cap millionaire CEO grabs

The government, which yesterday blocked debate on a $30 a week pension increase, today blocked action on multi-million dollar executive salaries.

The Senate motion, moved by Australian Greens Leader Bob Brown read:
        That the Senate-

1. recognises that the current global economic downturn, and particularly, the crisis in the banking and insurance industry in the United States of America will have serious negative implications for Australia and the rest of the world;
2. notes that:
   
   1. executive pays in Australia have risen exponentially in the past 10 years, with the average total remuneration packages approximately $4.56 million in 2006,
   2. in 2006 the average remuneration package of the 10 highest paid chief executive officers (CEOs) in Australia was $11 749 074,
   3. the average salary for the top 100 CEOs, including those working for companies which are failing, was $1.8 million in 2006,
   4. the average Australian adult annual salary is $58 864, and
   5. pensioners and other low income earners are currently experiencing considerable financial hardship yet the Government will not give them an additional $30 a week; and
3. calls on the Government to urgently introduce measures to address this inequity and restrict the unjustified and extravagant salaries paid to executives, including options such as capping the most extravagant executive salaries and investigating loopholes in taxation legislation for such salary earners.

"I expected a Labor government would act on both fronts to give Australians a fairer go," Senator Brown said.

"The gap between rich and poor has grown too wide. The $80 million just one retiring executive took this year is equal to 50,000 pensioners getting a $30 per week increase for a year," Senator Brown said.

Further information: Ebony Bennett 0409 164 603