Limit CEO and Executive Salaries

We will limit CEO and Executive salaries by:

1. Adopting the Israeli model of placing a salary cap for executives in banks and insurance companies at 44 times the lowest salary in the company (in Australian terms, this would mean a salary cap at $1.54m where the lowest paid salary in the company is $35k), and making this cap a condition for holding a banking and insurance licence. This requirement would be mandatory for all financial institutions regulated by APRA (Australian Prudential Regulatory Authority);

2. Adopting the same salary cap for all authorities subject to federal legislation, including Australia Post;

3. Introducing a punitive corporate tax rate of 49% for any company with an annual turnover of more than $50m which has a differential between its highest and lowest salaries that is greater than 44x;

4. Cap public sector salaries at the current pay of the Prime Minister ($549,000) including departmental heads, university vice-chancellors and police chiefs; and

5. Link politicians and public servants remuneration to upwards and downwards movement in the median Australian income.