Australia & New Zealand Banking Group Ltd., Australia’s third-largest lender, said Chief Executive Officer Mike Smith was paid A$10.9 million ($10.7 million) last fiscal year, as politicians step up attacks on banking profits.
Smith’s pay for the 12 months ended September 2010 was little changed from the previous year and included shares, A$3 million in cash, and a bonus of A$2.5 million, according to the Melbourne-based company’s annual report, released today.
Australia’s biggest banks, led by Commonwealth Bank of Australia, this month raised mortgage interest rates by more than the central raised borrowing costs. Prime Minister Julia Gillard has said such increases can’t be justified and is working on measures to make it easier for customers to find cheaper options.
“It’s time we stopped banks profiteering at the expense of their customers,” Greens member Adam Bandt said today before ANZ Bank’s report was released.
Smith’s pay was about 166 times the average annual salary in Australia of A$65,300, according to the Australian Bureau of Statistics. Commonwealth Bank CEO Ralph Norris was paid A$16.2 million last fiscal year, according to the bank’s annual report released in September.