OZschwitz gulag: Executives must cut salaries: Parasitical statist Swan claims

TREASURER Wayne Swan is demanding all bank chiefs slash their pay packets to buy faith with the public.

He bluntly warned banks to do more to win back trust from the community, saying cutting executive pay packages was only "one positive step".

Opposition Leader Malcolm Turnbull backed Mr Swan, urging bank executives - and other bosses - to cut their pay before those of lower-paid workers.

The Commonwealth Bank announced on Friday it would chop the package of its chief executive Ralph Norris by 10 per cent; its top 10 senior executives by 5 per cent and introduce other measures to prevent widespread redundancies, including restricting wage rises to those earning less than $100,000 to just 1.5 per cent.

Mr Swan said the global recession meant everyone had to "do their bit".

"The Government has repeatedly called for restraint in executive pay, and it is good to see one bank has heeded those calls," he said. "I encourage other banks to follow."

He warned bank executives it would take more than a reduction in salary packages to earn the public's trust.

"This is one positive step, but I think the banks have more work to do to win the trust of the Australian people," he said.

LNK

OZschwitz gulag: Executives must cut salaries: Parasitical statist Swan claims

OZschwitz gulag: Executives must cut salaries: Parasitical statist Swan claims

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