80% pay rise for bank boss

Business and government statements that workers should dampen down their expectations of a pay rise in the current economic environment ring even more hollow with the news that Commonwealth Bank of Australia CEO Ralph Norris has had an 80% increase to his pay package.

The Sydney Morning Herald reported that the A$7 million increase was driven by a A$4.5 million rise to his long-term performance rights, tied to the performance of the bank’s profits and share price.

Norris’s total remuneration package is now NZ $20 million – if Norris cashed up all his benefits it would total nearly $385,000 per week!

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