ETC – AUSTRALIA

MinRes chairman in line for $11m windfall

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Original article by Mark Wembridge
The Australian Financial Review – Page: 14 & 19 : 24-Sep-25

The annual salary of Mineral Resources’ non-executive chairman Malcolm Bundey comprises $750,000 in cash and shares. However, Bundey will also be entitled to 780,000 stock options, subject to approval by shareholders at the iron ore and lithium miner’s AGM in November. His stock options will vest between $30 and $40 a share, and they have an exercise price of $25.40. Bundey’s options will be worth about $11.39m if the company’s shares remain above $40 at certain points over the next three years. Mineral Resources’ shares are currently trading at around $40, having reached a low of $14 in April.

CORPORATES
MINERAL RESOURCES LIMITED – ASX MIN

PM’s $16m team: it’s time to earn it

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Original article by Geoff Chambers
The Australian – Page: 1 & 4 : 2-Jul-25

The Australian Public Service had 193,503 ongoing and non-ongoing employees at the end of 2024, but the federal government’s March 2025 budget papers had forecast that this will rise to about 213,000 in 2025-26. Meanwhile, analysis shows that the combined remuneration of the 17 highest-ranking federal public servants will be around $16.3m in 2025-26. They received a salary increase on 1 July, following a recent ruling of the Remuneration Tribunal. Steven Kennedy, who heads the Department of Prime Minister & Cabinet, is the nation’s highest-paid bureaucrat, with total remuneration of $1,035,690.

CORPORATES
AUSTRALIA. REMUNERATION TRIBUNAL, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Renumeration Tribunal sets 2.4 per cent pay rise for federal MPs

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Original article by Jessica Wang
Herald Sun – Page: Online : 12-Jun-25

Federal politicians, department secretaries and senior public servants will receive a pay rise of 2.4 per cent from 1 July. This is in line with the inflation rate, but below the pay rises that were awarded by the Remuneration Tribunal in the previous two years. The salary package of Prime Minister Anthony Albanese will rise from about $607,471 per year to $622,050; Treasurer Jim Chalmers’ remuneration will in turn rise by $10,514 a year, to $448,625. The annual pay of other cabinet ministers will rise to $412,735.

CORPORATES
AUSTRALIA. REMUNERATION TRIBUNAL, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY

PM rolls out $7.4b for aged care pay

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Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 4-Mar-25

Prime Minister Anthony Albanese will announce on Tuesday that he has struck a deal with NSW to provide its public schools with a $4.8 billion funding boost over 10 years. It leaves Queensland as the only state not to sign up to new funding arrangements, while Aged Care Minister Anika Wells will announce on Tuesday a further 12 per cent pay rise for aged care nurses that is worth $2.6 billion over three years. The announcement of the funding deal for NSW schools and the pay rise for aged care nurses comes amid increasing speculation that Albanese will call a federal election for 12 April immediately after Western Australians go to the polls on Saturday.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF HEALTH AND AGED CARE

Labor faces $7.4b wages black hole

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Original article by Michael Read
The Australian Financial Review – Page: 1 & 4 : 8-Jan-25

The federal public service wages bill increased by 11.7 per cent in 2023-24, due to wage rises and the addition of about 15,000 new staffers. The Treasury’s forecasts suggest that the public service wages bill is set to increase by another 10.8 per cent in 2023-24; however, the federal government’s recent mid-year budget update assumes that annual growth in the public services wages bill will then remain flat at $30 billion for the following three financial years. This forecast is at odds with the government’s latest enterprise agreement for public servants, which featured a pay rise of 11.2 per cent over the three years to March 2026.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY

PM’s green tape tangle for miners

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Original article by Noah Yim, Brad Thompson
The Australian – Page: 1 & 4 : 8-Jan-25

The Minerals Council of Australia has expressed concern about key elements of the federal government’s proposed critical minerals production tax incentive scheme. The MCA contends that the ‘community benefit principles’ requirement of the tax incentive would create uncertainty for the nation’s critical minerals industry, which is already facing strong global competition. The government estimates that the tax incentive will cost about $7bn over a decade, but create secure jobs in Australia and diversify global supply chains by processing critical minerals onshore rather than exporting the raw materials overseas.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA

Inflate this: PM’s public service splurge costs taxpayers extra $5bn

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 13-Nov-24

Data from the Australian Bureau of Statistics shows that 26,100 permanent positions have been added to the federal public service since Labor took office in May 2022. The annual public sector wages bill has risen from $32.5bn in June 2022 to more than $37bn, and the federal public sector workforce has risen to 365,400. Meanwhile, the total cost of the public service across Australia’s three tiers of government is now almost $250bn a year. Public Service Minister Katy Gallagher contends that the federal government has been rebuilding the Australian Public Service after a decade of neglect under the Coalition. However, shadow treasurer Angus Taylor says Labor is using the public sector to prop up the jobs market and GDP.

CORPORATES
AUSTRALIAN BUREAU OF STATISTICS, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Fortescue execs face bonus backlash

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Original article by Brad Thompson
The Australian – Page: 16 : 6-Nov-24

Fortescue shareholders will be given a vote on a proposal to grant performance rights to mining division CEO Dino Otranto and clean energy arm CEO Mark Hutchinson. However, Fortescue notes that granting performance rights does not require shareholder approval under the Corporations Act or ASX listing rules; the company has indicated that it will issue the performance rights even if investors vote against the resolution at its AGM on Wednesday. Three large US pension funds will oppose the resolution, with SBA Florida contending that there has been insufficient disclosure of performance targets.

CORPORATES
FORTESCUE LIMITED – ASX FMG, SBA FLORIDA

Voluntary news media recycling scheme receives official accreditation

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Original article by Joe Kelly
The Australian – Page: 6 : 28-Aug-24

Australia’s news media industry has been operating a voluntary recycling scheme for printed newspapers for more than 30 years. The success of the scheme resulted in just 0.2 per cent of all printed news­papers going to landfill in 2023. It is administered by ThinkNewsBrands, whose CEO Vanessa Lyons has welcomed the federal government’s decision to official accredit the ‘product stewardship’ scheme. Media industry executives have emphasised the importance of sustainability for the sector.

CORPORATES
THINKNEWSBRANDS

Union fury at Nine chief’s torch run amid jobs row

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Original article by James Madden
The Australian – Page: 3 : 24-Jul-24

The Media, Entertainment & Arts Alliance has criticised Nine Entertainment CEO Mike Sneesby for attending the Paris Olympic Games during enterprise agreement negotiations at its publishing division. The union is seeking a pay rise of 20 per cent over three years for employees of the division, and Nine’s staff have voted to take strike action for five days from Friday, which will coincide with the start of the Games. Sources have indicated that Nine’s journalists were also not impressed by footage of Sneesby participating in the Olympic torch relay, given that the division is expected to shed about 90 jobs as part of a broader restructuring program at Nine.

CORPORATES
NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, MEDIA, ENTERTAINMENT AND ARTS ALLIANCE