Full disclosure throws up some very interesting comparisons.
For example we know that in Australia the prime minister is awarded an annual salary of $507,338
Not a bad earn. There will be allowances and the like and not too many groceries to buy thanks to endless corporate dinners and executive lunches. Certainly beats the socks off the salary of the average Australian that is $72,800 currently the 5th highest in the world.
Immediate reaction #1 — You have to be kidding, that’s far too much to pay a politician
Now we take a gander at the salaries of company CEOs. This is possible thanks to the requirement of boards to state executive remuneration in the company annual report. And there are websites that collate these numbers into accessible lists.
Turns out that the average [as in mean] salary of a top 50 business CEOs is $7,485,000 per annum. Just 15 times more than the PM.
In 2014 the pauper on the CEOs list, languishing down in 300th place on the earnings ladder, made $869,000
Immediate reaction #2 — You have to be kidding, that’s far too much to pay anyone
In what universe are the top ranking CEOs making decisions an order of magnitude more important that those of the prime minister. He was elected to look after our interests?
Turns out if you add up the salaries of PM and his cabinet ministers it comes to roughly $8.7 million — 13 CEOs earned more than this on their own.
It doesn’t make any sense. But if you, reluctantly I hope, accept that this is the world we live in where an individual is considered important enough to earn seven figures to run a company, then you get…
Immediate reaction #3 — You have to be kidding, pay peanuts get monkeys