The Government and Opposition closed ranks today to oppose a Greens amendment to the stimulus package that would have limited executive pay packages to no more than $5 million or ten times the Prime Minister's salary of $330,000, whichever is the lesser.

"The Rudd Government has just confirmed that it is all talk and no action on obscene executive pay packages" Senator Brown said.

"When taxpayers are putting a massive guarantee behind the welfare of the banks and financial institutions, it is simply unacceptable for those banks to thumb their noses at the community and continue to pay some of their executives 100 times what average Australians are earning.

"The Prime Minister has recognised that Australians want limits on CEO salaries. Just like with climate change, he has jumped on the bandwagon and started talking about the issue without any intention of doing anything about it."

Not one Senator rose to Senator Brown's challenge to state whether they believed any executive deserved to earn ten times the Prime Minister's salary. Only Senator Xenophon voted with the Greens in support of action to curb obscene executive pay packages.

The text of the amendment reads:
Financial System Legislation Amendment (Financial Claims Scheme and Other Measures) Bill 2008
(1) Page 2 (after line 11), after clause 3, insert:
(4) Payments to executives of entities dealt with by this Act
(1) No authorised deposit-taking institution or other entity which has deposits guaranteed, or which is otherwise protected or regulated, under the provisions of this Act shall pay any of its executives an annual salary of more than $5 million, or ten times the base wage of the Prime Minister of Australia, whichever is the lesser.
(2) In this section:
executive can include any person engaged or employed by the entity on any basis.
salary includes any remuneration paid, promised or guaranteed in any form, including though consultancy agreements and grants of shares or other interests, and including any payment made upon resignation or retirement, however described.
[curbing obscene payments to executives]

Contact: Tim Hollo on 0437 587 562