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Issue No. 307 | 19 May 2006 |
Open for Business?
Interview: Out of the Bedroom Industrial: Cloak and Dagger Unions: Lockout! Legal: The Fantasy of Choice Politics: Labor Pains Economics: Economics and the Public Purpose Corporate: House of Horrors History: Clash Of Cultures International: Childs Play Culture: Folk You Mate! Review: Last Holeproof Hero
Laughing All The Way To MacBank Perth Apartments Go Like a Bomb Andrews Puts Contracts on Families Worker Dumped Over Casual Affair
The Soapbox The Locker Room Parliament
Pleased with Beazley What is Working Class National Day of Protest Tax Cuts Solidarity Independent Contractors Drought Proofing Higher Profile for Labor
Labor Council of NSW |
News Laughing All The Way To MacBank
The Fair Pay Commission has been asked to examine the economic implications of eight figure executive salaries in the wake of this week's Mac Bank revelations. Unions NSW has written to Dr Ian Harper asking for an investigation of how the big end of town's largesse to itself impacts on the nation. "Executive pay increases are in the vicinity of 120% to 150% while working people are getting rises of 4%," says Unions NSW secretary John Robertson. The bagmen for some of Australia's largest infrastructure projects are trousering up to $21.2 million each. Robertson said that Unions NSW had called for a binding vote of shareholders on proposed executive salary increases. "The federal government merely supported non-binding votes, which are clearly not working." "These salaries are being paid for by the taxpayers of Australia because of Macquarie bank's involvement in infrastructure." The Sydney Morning Herald reported that Macquarie bank CEO Allan Moss was paid $21.2m a year, while executive chairman David Clarke pocketed $11.4m a year working at the bank known as "the millionaire factory" The Macquarie bank is Australia's largest operator of toll roads and also owns Sydney Airport. It has announced plans to buy into other infrastructure projects, including regional airports and future toll road projects. Recently, questions have been raised about Macquarie Bank's involvement in the Beaconsfield Gold Mine, which took the life of miner Larry Knight.
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