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NBN Co. Paid Executive Bonuses “Equivalent To 88 Cartier Watches Each”

New data submitted to Federal Parliament shows NBN Co. really splashed out on the Chrissy bonuses last year, paying out close to $78 million to 3,800 staffers, including eight executives who took home average bonuses of $440,988, of the equivalent of 88 Cartier watches each.

Chief Executive Stephen Rue, who earns over $3 million, was rewarded with a tax-funder bonus of $1.2 million (I’ll let you do the Cartier maths for that one), while a sliding scale shows that:

  • 2865 staff on salaries between $100,000 – 200,000 received bonuses of $13,156 each.
  • 635 staff on salaries between $200,000 – $300,000 received bonuses of $35,000 each; seven Cartier watches each, as Labor pointed out.
  • 20 staffers earning between $400,000 to $500,000 received bonuses of $152,000 each.
  • Six staff earning between $500,000 to $600,000 received bonuses of $200,000.
  • Eight staff earning over $600,000 received bonuses of $440,988.

“NBN executives wallow in $77 million in bonuses during a pandemic – much of which went to well-paid bosses on over $200,000 per annum. The CEO gets over $3 million a year,” Labor Senator Kimberley Kitching said.

“Scott Morrison’s NBN is rotten like the rest of his government. Customers, taxpayers and workers are given a terrible deal while a chosen few at the top of NBN Co are making out like bandits.”

NBN Co meanwhile claim the hefty bonuses “aligned with market practice.”

 

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