Katter Calls for More Power to Royal Commission

bkat bank

KAP Federal Member for Kennedy Bob Katter has led a scathing attack against the big banks today, referring to the CEOs wages published in a national newspaper earlier this week as ‘obscene’ and warning that it is only a matter of time before truth comes out under the light of the Royal Commission.

Mr Katter says while the Turnbull Government’s Banking Royal Commission Terms of Reference are a watered-down version of those proposed in his legislation, he would be applying the pressure to ensure victims stories are heard and strong recommendations are implemented.

“Comments published in the Financial Review earlier this week disclosed the annual salaries of each of the CEOs at the CBA, NAB, ANZ and Westpac banks while also revealing that the bank industry wages have been toppled by CEOs in the aviation, healthcare, property and mining sectors.”

CBA boss Ian Narev takes home $5.71 million while Westpac’s Brian Hartzer is Australia’s highest paid big-bank CEO with a salary of $6.68 million. NAB’s Andrew Thorburn receives $6.63 million and ANZ CEO Shayne Elliott pockets $6.2million each year.

Mr Katter says KAP has record a report that would indicate the various banks bosses take in around $12m a year when their packages are added together.

“The payments to CEOs can only be described as ‘obscene’. To say that one person is worth 100 times more than another person is not the real world.”

“In light of not only the anecdotal evidence that these people are paying themselves $6m, other reports would indicate this figure skyrockets up to $12 million each.”

“The Head of Qantas paying himself $25m, the Head of Aurizon paying himself $6.1m and Ahmed Fahour was paying himself $5.7m at Australia Post – obscene!”

“We will return to the taxing rates that prevailed in this country for most of the last 100 years which sees that any incomes above $900k for CEOs – but does not apply to owner/operators or people who risk their own money – and salaried employees, taxed at 72%.”