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Top Savings Accounts for November

directsaver account from St.George

  • Rate : 7.1 %
  • Account Fees : No monthly accounting fee
  • Minimum Balance : None

 

Members Equity Online Savings Account

  • Rate : 6.5 %
  • Account Fees : No Fees
  • Minimum Balance : No Minimimum Balance

 

Suncorp's eOptions

  • Rate : 6.5 %
  • Account Fees : No account fees
  • Minimum Balance : No minimum balance

 

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CBA boss gets 30% pay rise

Date Published : Tuesday, September 09, 2008

Despite the credit crunch, the chief executive of the Commonwealth Bank of Australia (CBA) will pocket a 30 per cent pay rise this year, according to reports.

The Age has claimed that as the rest of the country struggles with the effects of high interest rates and even higher petrol and energy prices, Ralph Norris will bring home $8.66 million.

This equates to a 30 per cent hike in his salary and, according to the newspaper, around 70 per cent of his remuneration is performance-based.

Reports suggest Mr Norris will receive a base salary of $3.12 million, which is on a par with his equivalents at Westpac, ANZ and National Australia Bank (NAB).

"Not bad for the bosses of banks that have been quick to pass on the pain from the global credit crunch to retail clients - by lifting rates out of step with the Reserve Bank of Australia," the Age said.

According to the article, incoming NAB boss Cameron Clyne has a deal worth at least $7.5 million waiting on his desk when he arrives on January 1st while Westpac chief executive Gail Kelly will earn $8.5 million this year and ANZ head Mike Smith could pocket almost $9 million.

In the Sydney Morning Herald, the Fair Pay Commission said that Australia's lowest-paid workers have seen their wages increase slower than everyone else.

According to Professor Ian Harper, Fair Pay Commission chairman, wages for the "lowest-paid employees have been growing more slowly than for the labour force as a whole".

However, he added that changes to tax and social security systems had also resulted in "sustained real increases in disposable income".

Australia's best savings accounts compared and reviewed
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