Controversy has raged around the five million dollars in salary and bonuses paid to the Chief Executive of Australia Post and the ridiculous manner in which those who were responsible tried to hide their stupidity.
Clearly, there is something wrong when the CEO of a Government Corporation is paid nine times that which is paid to his boss, the Prime Minister. Eye brows also rise when that CEO buys a home for around twenty million dollars and then spends five million renovating it. The underpaid postmen out on the beat in hot weather were somewhat less than impressed.
But, it did give the leaders like Wayne Swan an excellent platform to relaunch their much needed drive to have inequality taken seriously by politicians, voters and economists.
The Board of Directors of Australia Post is clearly to blame, absolutely out of their depth. Their Chairman is a politician with no business experience who was given a ‘job for the boys’ when his political career abruptly ended. Quite obviously, that type of political appointment must cease as it is of absolutely no value to Australia.
Now, all the financial pundits will rightly tell us that five million dollars is not a high salary for the CEO of a major corporation. The bosses of the major banks get around double that. They claim we are picking on Australia Post unfairly, but they forget that we are dealing with a government entity owned by the tax payers of Australia most of whom believe that they are worse of financially than they were ten years ago. Besides which, they generally despise banks and are also loud in their criticism of bank salaries too.
So we come to the key question. Does anyone need to earn more than five million dollars a year in order to have a good life? Do they work any harder or smarter because they earn that much. Some do, but not many.
This raises another question. Are there people out their who value their capacity to achieve great things far more than money they earn?
The clear answer is that there are.
One of the interesting developments world wide is the growth of not for profit corporations in which people are paid respectable salaries to achieve excellent things which will create a better society and give them huge personal satisfaction.
No one in those companies is paid more than a million dollars a year, there are no bonuses and all profits after taxes are ploughed back into the company.
Those companies are becoming more prevalent in Europe and North America, but are slow to catch on here in Australia. But, I have started two small ones and am planning a third which will be larger. They quite simply change work attitudes and better results occur for employees and their clients. No employee seeks wealth, just secure financial independence.
They have proved a vital point. Money actually demotivates genuine achievers as it diverts their focus. It is not the driver that the world has always assumed it to be.
One of my major consuming passions is to significantly reduce the gap between rich and poor, a chasm that Australia Post seeks to widen. It is the issue of the age that caused Trump to be elected when he declared that he was the champion of the poor and they believed him.
It was the lower income voters of Britain who told David Cameron they had had a gutful of him and humiliated him over Brexit. Those same voters will continue their protests world wide and grow enormously in their political power and clout. Just watch their votes in France, Netherlands and Germany later this year. Watch them even more closely in Western Australia this weekend and Queensland later this year. They will cause absolute havoc and continue to do it until the financial moguls and political ideologues can clear their brains sufficiently to see that they themselves are the ones who are fuelling anarchy.
I suggest that you call Wayne Swan’s office and ask him to email you his splendid report on Inequality. It is a good read as it talks common sense. He is making no effort to rob the rich. He just asks them to invest their wealth in job creating infrastructure and services that will take people off welfare and into work. He just wants them to do it without getting a tax cut He points out that the cost of welfare is not the payout, but the taxes and spending power that are lost because that person is unemployed.
So, I am cheering Australia Post for highlighting for us the depravity of their corporate culture so we can use its embarrassing stupidity to cause genuine and lasting change in society.
Let us begin to eradicate poverty and inequality as from today and acknowledge that money is not a motivator. Achievements are.
Yours at large
If you would like to buy my book “The Man on the Twenty Dollar Notes” please go to my website everaldcompton.com and click on the book name. This will lead you to an order form.
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4 thoughts on “THE MONEY MYTH”
Thanks Everald. Best thing I have read in a long time Thanks again. Cheers Charlie
There is only so much work that one man or woman can do in 24hours. The value of that work must be considered when salaries are set, but no-one is worth millions. I do think that there are distortions in the value attributed to kinds of work. Mind work is valued more highly than physical work, financial expertise is more highly valued than scientific endeavour. When there are considerations of health, welfare, longevity and contribution to the betterment of mankind perhaps this is unjust and it is time to re-evaluate.
Good article and I will see if I can get Wayne Swans article.
It must be remembered that PM Turnbull was Communications Minister when the CEO of Aust Post was appointed!!!! I say no more.
It is not the CEOs fault it is the Board and Govt.
No one is worth more than $1m in any job and I don’t care who they are.
Look at the League, Football, Cricket and Rugby francises. These players are all paid far too much and all of the clubs are struggling badly. Again it is not the players fault it is the Board Members. There is no accountability or consideration of the general club member and the same can be said for the voters in our country.
Any chance you are available on Wednesday at 10am to have a chat with Graham re your latest post? If so, whatâs the best contact number?
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