Australia Post boss Paul Graham pockets $2.7m despite $88m loss

In a year where it scaled back deliveries, closed post offices and increased the price of a stamp by 25 per cent, five Australia Post executives have qualified for giant bonuses.

The boss of Australia Post will pocket almost $2.7 million this year, despite the business posting an $88.5 million loss before tax.

Group CEO Paul Graham is on track for a massive pay day, comprising a $1.6 million base salary and a $965,000 bonus.

Four other executives at Australia Post have also had their bonuses approved by a Remuneration Tribunal to earn at least $1.2 million each, more than double the salary of Prime Minister Anthony Albanese.

Australia Post CEO, Paul Graham will take home almost $2.7 million this year..

This year the company scaled back letter delivery to every second day and also hiked the price of a stamp by 25 per cent, while more local post offices also closed their doors.

According to the company’s annual report, the full-year loss for the 2024 financial year of $88.5 million was “lower than budget targets by $155.5 million and outperformed the previous year by $111.8 million.”

The company’s “Letters” business suffered a $361.8 million loss, but the report notes this was “$73.6 million ahead of target.”

“The Letters business faces ongoing challenges as fewer customers send letters, and our retail network has seen foot traffic to Post Offices continue to decline” the report said.

Rod Barnes - Australia Post Executive General Manager will earn almost $1.4 million

The company did not meet its “Safety Performance” target due to an increase in the total number of reported injuries, or its “Net Promoter Score.”

Angela Cramp, a local post office owner and the Executive Director of the Licensed Post Office Group said the company “is not travelling well.”

“We are struggling. We are closing post offices. We are sacking workers. We diminishing our business. I’m not all that sure these things are worthy of a bonus.”

Australia Post and the Minister for Communications Michelle Rowland were both approached for comment.

However, the loss of $88.5 million was described as an “exceptional outcome... driven by increased revenue from robust trading volumes and successful pricing initiatives aimed at addressing loss-making products and lines of business.”

The company also said it had delivered a “record peak period” of nearly 100 million parcels during the Christmas period in 2023 and achieved savings by simplifying its business structure of $268.9 million.

More to come.

Do you have a story for The Daily Telegraph? Message 0481 056 618 or email [e-mail]

Originally published as Australia Post boss Paul Graham pockets $2.7m despite $88m loss