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Bandt backs ACTU on executive pay

Greens MP Adam Bandt has backed the ACTU's push to rein in corporate pay saying it was time the government stepped in to regulate excessive corporate salaries.

The ACTU released a report today that found the average CEO receives almost 100 times the pay of an average worker.

"The Greens want to see a 50% marginal tax rate on incomes above $1 million and a cap on executive salary packages of $5 million a year", Mr Bandt said.

"Our society is becoming more unequal. Wages growth is almost static while executive pay is soaring.
"The average corporate boss is taking home an obscene about of money while workers are not receiving a fair share."

"We have had significant productivity growth in recent years and profits are booming again. It is time workers were getting a fairer share."

"The government needs to take steps to restore the balance to remuneration structures in corporate Australia."

"Arguments that the rest of the world is also paying these astronomical salaries to their executives are no justification what should happen here."

"We will also look closely at the recommendations from the ACTU and consider what action the Parliament can take to curb corporate pay in the New Year."

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