Morgan’s pay down as Westpac lags behind

Westpac chief David Morgan’s total remuneration fell almost 10% to $7.4 million in 2005, whilst St George’s chief executive Gail Kelly received a big 12.5% increase to $4.5 million. Westpac's home loan growth significantly lagged the industry over the year to September 30. The bank forecast losses in its joint cheque processing venture and said increased competition would continue to affect its margins.