Move over, Australia Post; there’s a new high roller on the block.
NBN Co chief executive officer, Stephen Rue receives the highest salary in the public sector, after earning more than $3 million in the 2019-20 financial year.
That’s nearly double the salary of the previous highest-paid public sector worker, and the second-highest public sector worker in the 2019-20 financial year, Australia Post CEO Christine Holgate, who earned $1.6 million.
Rue earned $1.86 million and a further $1.17 million in bonuses, totalling $3.15 million, according to NBN Co’s latest annual report.
Seven NBN executives in total earned more than $1 million over the last financial year.
Also read: Big NBN speed boost ahead of possible sale
To put that into perspective, Prime Minister Scott Morrison earned $549,299 last year.
Reserve Bank Governor Philip Lowe is the third-highest paid public sector employee, earning $1.06 million, followed by ABC general manager David Anderson on $998,014, the .
According to the Australian Bureau of Statistics, the average Aussie salary is $1,713.90 per week, or $89,076 per year. Rue is earning $59,615 per week - that’s nearly 35 times the average salary.
Around 733 NBN staff earn between $200,000 and $300,000 per year, while 110 earn between $300,000 and $400,000. Thirty-four are earning above $400,000.
Labor senator Kimberley Kitching, who oversees government accountability, dubbed NBN Co a “millionaires’ factory”.
Kitching said: “NBN Co employs public servants who take no private-sector risk, but are given multimillion-dollar rewards.”
The communications, electrical and plumbing union leader also criticised the NBN’s executive pay amid its job cuts.
“The Federal Government’s NBN Co is axing over 800 jobs at a time when Australians are relying on the service more than ever, not to mention that we’re in the middle of a national unemployment crisis,” union national president Shane Murphy said.
“The federal government’s latest budget is supposedly all about jobs – so why are they not intervening to protect these vital jobs from the chopping block?”
Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, economy, property and work news.
Are you a millennial or Gen Z-er interested in joining a community where you can learn how to take control of your money? Join us at The Broke Millennials Club on Facebook!