Apologetic Newcrest chief executive Sandeep Biswas expects workplace culture to have a bigger influence over executive pay in future, as he signalled a three-year phase of mergers and acquisitions was probably over.

Newcrest spent more on growth than it earned over the past six months, reporting a 46 per cent slide in half-year profits to $US298 million ($414 million) and a US7.5¢ interim dividend that was half last year’s interim payout.