Westpac executives reward themselves

One thousand Westpac executives have been rewarded by the bank for their work this year and have collected big Christmas bonuses this week, the same week that the bank added 0.2 per cent on top of the RBA’s rate rise of 0.25 per cent to its mortgage interest rates.

Chief Executive Gail Kelly received a cash payment of $2.6 million. The exact size of the bonus pool is a secret, but it was estimated to be worth more than $20 million for the very senior Westpac executives alone.

The treasurer Wayne Swan criticised Westpac this week for raising rates on home buyers and applauded NAB’s decision to stick with the RBA’s rate rises.

“Nobody likes to see an RBA rate rise, but it's good to see NAB has done the right thing by its customers and the community today,” the federal Treasurer said.

“I think the community generally will be looking to the other banks to follow this positive example set by NAB. The contrast with the behaviour of Westpac earlier this week could not be more stark.”

Source: The Australian

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