Australia’s top 10 business bosses earned almost $90 million last year, although the growth in executive pay is slowing, according to a new report.
The Australian Council of Superannuation Investors found that widespread job cuts and patchy profitability didn’t prevent nearly 90% of our top 200 executives being paid bonuses, although the size of the average bonus shrunk.
BHP boss Marius Kloppers came out on top with a $17.3 million annual package, with former Commonwealth Bank chief Ralph Norris placed second with $12.6 million.
ANZAC currency union rejected
The idea of a shared currency between Australia and New Zealand has been rejected by economic think tanks in both countries.
While a common currency has been previously touted as a way to increase trans-Tasman investment and reduce business costs, a joint paper by Australian and New Zealand productivity commissions is set to dismiss the concept, citing a lack of flexibility and the eurozone debt crisis.
Record pre-orders for iPhone 5
Apple has received nearly two million pre-orders for its iPhone 5 smartphone in its first day after its unveiling, helping push its share price up to $700.
The pre-sale order comfortably beat the one million iPhone 4S orders and the 600,000 pre-orders for the iPhone 4.
The Dow Jones Industrial Average was down 43.48 points, or 0.32%, at 13,549.89. The Australian dollar was down to US104.72 cents.