Thin end of the wedge

[octave]

I am pretty satisfied with my bank. The bank is owned by the customers, and I get to vote on remuneration for the board and on other issues, such as a recent merger. The board and executive are not on enormous salaries like the big banks.  My accounts have no fees at all because of the way I use them. It does not have many branches; however, if I did want to use cash, I could use any post office.

 

 

Non-Executive Director Remuneration (2024)

The total pool for all Non-Executive Directors' (NEDs) pay was $895,698 per annum, an increase of 2.75% subject to member approval. Individual NED compensation for that year was intended to be as follows: 

• Base Remuneration (NED): $95,287 p.a. (up from $92,737).
• Committee Chairs: $114,344 p.a. (a 20% loading on base remuneration).
• Board Chair: $171,517 p.a. (an 80% loading on base remuneration). 

 

Executive Compensation

As a mutual bank, Bank Australia's executive compensation structure and specific individual pay packets are not reported in the same way as the publicly listed "big four" Australian banks (CBA, NAB, Westpac, ANZ). Data from third-party sites suggests a wide range for various management roles within the bank, with an average salary for an Executive Manager role estimated around $207,111 per year based on user submissions. 

 

In contrast, CEOs of major ASX-listed banks have significantly higher total compensation packages, with figures for Matt Comyn (CBA) at $8.5 million and Andrew Irvine (NAB) at $5.62 million in 2025, which include substantial bonuses and stock options