Media Release

In Question Time today, KAP Member for Kennedy Bob Katter asked the Treasurer if the Government will set up a salary and wages transparency register to highlight the magnitude of imbalance that exists in corporate Australia. Mr Katter noted that most Australian company CEOs are not Australian citizens.

Conservative British Prime Minister Theresa May said at her first Conservative party Conference on 5 October 2016 that she would provide transparency on executive pay and ensure more employees are represented on boards.

Mr Katter proved today that Australia’s conservative Government does not share the same view.

It was not surprising that Treasurer Scott Morrison responded by saying company boards should be left alone to find the right balance between employee wages and CEO salaries.

Despite the Treasurer’s acknowledgment that major companies have a social contract within the country they exist, they can pay what CEOs what they like because we live in a “free enterprise country”.

Mr Katter’s question to the treasurer:

Mr KATTER (Kennedy) (14:27): A question to the Treasurer: what Australian companies pay their CEOs, most of whom are from overseas, is illustrated by, for example, the Commonwealth Bank's CEO receiving $12.3 million, the Qantas CEO $12.96 million, the Westpac CEO $9.6 million, the Caltex CEO $13.4 million and the Macquarie Bank CEO $16.3 million. Will the Treasurer introduce a CEO salary and average employee wages transparency register, as touted by the British Prime Minister? And will his government consider tax rates in line with those of other countries, particularly European countries, where the issue of the huge and ever-widening disparity in income for the powerful is addressed by a graduated tax rate? (Time expired)

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