Market forces work. That’s the conclusion of The Australian Financial Review’s annual CEO pay survey published today. Banker pay has fallen as bank performance goes backwards in a much tougher market. And the gender-blind measure of financial results has put women at the top of the pay rankings too. Australia’s highest paid boss is Shemara Wikramanayake of Macquarie, taking home over $18 million as successor to Nicholas Moore, and head of the only bank which emerged with any credit from the grilling of the Hayne royal commission. And best performing chief executive based on shareholder returns was Fortescue boss Elizabeth Gaines.

But all of the other top-earning CEOs can point to exceptional achievements. Greg Goodman of the Goodman industrial property group has presciently positioned his business for the explosion of e-commerce-driven logistics. Paul Perreault of CSL leads a world-class global biotech. Michael Clarke of Treasury Wine Estates turned around an iconic but flawed Australian winemaker, and outgoing BHP boss Andrew Mackenzie successfully repositioned Australia’s biggest miner for the post-mining boom world. The rest of the top 10 are resources companies - to be expected after commodities got a second wind last year from China’s continuing stimulus.