Qantas chief’s pay slumps … to $11m

QANTAS chief Alan Joyce's yearly pay has plummeted by more than half - but he is still walking away with $10.86 million for the year.

My Joyce's pay for the year to June equates to about $30,000 a day, or $20.66 every minute.

Last year the Flying Kangaroo was at the centre of a storm after the Herald Sun revealed Mr Joyce was paid almost $25 million after being richly rewarded for piloting the airline's turnaround.

At the time, Qantas chair Leigh Clifford insisted Mr Joyce's mammoth pay cheque was well earned.

But Mr Joyce's salary for this year - revealed in the group's annual report released this afternoon - shows he has taken a dramatic cut.

Qantas last week reported a jump in net profit.
Qantas last week reported a jump in net profit.

The report shows he received a base pay of $2.1 millino, plus short-term and long-term incentives - bonuses - worth $8 million.

Mr Clifford said that Qantas, under Mr Joyce's leadership, had again performed "exceptionally well" the past year.

"In addition to a record profit, we took delivery of new Dreamliners, opened up new routes like Perth to London and kept delivering some of the lowest fares in the market with Jetstar," he said in a statement.

"We said executive pay would be lower this year as we moved beyond the incentives that were part of our turnaround program, and it is.

"But the pay figures we're announcing today still reflect a record result."

Qantas last week reported a net profit of $980 million for the year to June - up 15 per cent from the previous year.

While that tally was not a record, the group's underlying profit, which excludes one-off costs, was, spiking 14.5 per cent to $1.6 billion.

Though Mr Joyce's pay and perks package has fallen in value by more than half, his $10.86 million haul for the past year still makes him one of the best paid executives in corporate Australia.

He is well ahead of the under-siege bosses of Australia's big banks.

Westpac chief Brian Hartzer received pay and perks worth $6.68 million in the bank's last financial year, while his counterpart at National Australia Bank, Andrew Thorburn, was paid $6.63 million.

At ANZ, Shayne Elliott was paid $5.63 million, and new Commonwealth Bank chief Matt Comyn made $2.95 million for the year to June - although for most of that time, he was boss of the group's retail bank and yet to be promoted to chief executive.

jeff.whalley@news.com.au