ECONOMICS—CHIEF EXECUTIVE OFFICERS—SALARY

The Leader of the Australian Greens (Senator Bob Brown), pursuant to notice of motion not objected to as a formal motion, moved general business notice of motion no. 215—That the Senate—

 (a) recognises that the current global economic downturn, and particularly, the crisis in the banking and insurance industry in the United States of America, will have serious negative implications for Australia and the rest of the world;

 (b) notes that:

  (i) executive pays in Australia have risen exponentially in the past 10 years, with the average total remuneration package approximately $4.56 million in 2006,

  (ii) in 2006 the average remuneration package of the 10 highest paid chief executive officers (CEOs) in Australia was $11 749 074,

  (iii) the average salary for the top 100 CEOs, including those working for companies which are failing, was $1.8 million in 2006,

  (iv) the average Australian adult annual salary is $58 864, and

  (v) pensioners and other low income earners are currently experiencing considerable financial hardship yet the Government will not give them an additional $30 a week; and

 (c) calls on the Government to urgently introduce measures to address this inequity and restrict the unjustified and extravagant salaries paid to executives, including options such as capping the most extravagant executive salaries and investigating loopholes in taxation legislation for such salary earners.

Question put.

The Senate divided—

Question negatived.