What you said about Aussie energy company bosses getting a pay rise

Many Aussies have vented their frustrations over rising electricity bills – just as it’s revealed the big three power companies have increased pay to their bosses.

Many Aussies have vented their frustrations over rising electricity bills – just as it’s revealed the big three power companies have increased pay to their fat cat bosses.

New financial statements lodged in Australia and Hong Kong reveal Origin, EnergyAustralia and AGL forked out $5.6m, $2.8m and $2.3m respectively to their top executives in the year to the end of June.

Origin’s head honcho Frank Calabria enjoyed a $700,000 surge in take-home earnings, its annual report shows, as the company delivered a near 60 per cent profit jump to $1.18 billion on soaring electricity margins.

EnergyAustralia’s Mark Collette got a bump of about $800,000 last calendar year, according to the filings of its ultimate owner, China Light and Power Holdings.

The size of the increase in pay to AGL chief Damien Nicks cannot be calculated because he was not with the business for all of the 2023 financial year.

What is known is that on top of his $2.3m pay packet in 2023-24, he was awarded more than $700,000 in shares to be allocated next month.

AGL’s annual net profit increased 189 per cent to $812m last financial year and it doubled its dividend to shareholders, the largest being activist billionaire Mike Cannon-Brookes.

At the same time as these power giants were increasing their executives’ pay, benchmark power prices in large parts of NSW, Victoria, Queensland and South Australia rose by more than 20 per cent under decisions taken by market regulators.

Consumer advocates said the profit and pay outcomes showed the system was stacked against small customers.

Readers were quick to pile into the debate, many claiming that it’s another sign of the little battler being ripped off.

Others, though, took aim at the government for allowing it to happen.

While a minority said they had no issues.

See what you had to say below and join the conversation >>>

WHAT YOU SAID

Just like pollies

Paul

Not surprising CEOs and directors of large companies have the same reputation as politicians.

Perry

The ultimate in hypocrisy and corporate greed.

Stephen

I’ve yet to understand what these “executives” do, that warrants such huge salaries.

Kate

And still no sign of the $300 energy rebate we were told would happen from the 1st July. More hot air from Albo.

Origin CEO Frank Calabria has had an increase in his pay. Picture: Jane Dempster/The Australian

What about us?

Rusty

No good came out of privatisation of public assets, particularly the energy sector. Profits at the expense of squeezing households and businesses to pay for these absurd pay increases to the privileged few.

John

Get on line and negotiate hard and don’t be loyal, you have a weapon now with these obscene amounts of money.

JoeS

Wasn’t renewable going to cost less, where is the saving or have we all been fooled?

Tony

Labour has conned the Australian public on so many fronts hence the cost increases every where. We have allowed the good economic management to be overlooked by political game players. Labour are great at creating BS to get themselves in power and look what happened.

AGL CEO, Damien Nicks has been given more shares. Picture: Jane Dempster/The Australian.

I have an idea

Pedro the elder

Let’s deregulate the energy industry and sell off all Govt ownership. It will make energy prices cheaper for all as they introduce competition.

MT

‘The Government are just as much to blame for this ridiculous increase in electricity. Renewables are far from cheap and will only get more expensive. Get lost Labor you are killing us!

Bill (W. J. R)

This is what happens when you let institutions that provide essential services into private hands, with limited competition electricity, water, gas, roads and transportation.

Matt

Both sides of politics are culpable here. The ACCC is culpable here. Despite being 3 main energy providers there is clear price collusion happening. Not to mention the supply contracts which tie Australian wholesale prices to global prices, despite the fact that we only use Australian resources is astoundingly dumb. What a mess!

Doris

Disgusting greed if they had a conscience they would give back to reduce energy bills for everyone struggling.

there goes the $300 the government supposedly gave us!!!!!!

Atlassian co-founder Mike Cannon-Brookes is a major shareholder in AGL. Picture: NewsWire / Max Mason-Hubers

No issues

Scott

They are all underpaid for similar roles by global standards but that doesn't suit the story

Michael

Private capitalist companies working within the legal and price structure set by Australian governments. If these CEOs are in charge in a period of growing profits in a regulated market, they should be rewarded. Vent your frustrations elsewhere don’t blame a private company looking after their shareholders.

Peter

And to all those spruiking privatisation of a State owned asset back in the 90’s – 00’s reap what you sow.

Brendan French, CEO of Energy Consumers Australia. Picture: Supplied

Originally published as What you said about Aussie energy company bosses getting a pay rise