Qantas CEO Was Australia's Highest Paid Executive - One Mile at a Time

Executive compensation is an especially contentious topic in the US, though it seems we’re not alone.

Qantas CEO Was Australia’s Highest Paid Executive

There’s now widespread coverage around compensation for executives in Australia during the 2018 fiscal year, with Australia’s highest paid executive being Qantas CEO Alan Joyce.

He took home nearly 24 million AUD, making him the highest paid ASX100 CEO. His 23,876,351 AUD in compensation just barely beat out Macquarie Group’s CEO earning 23,855,580 AUD.

To me that’s pretty remarkable. While airline CEOs are generally well paid, I can’t think of another situation where an airline executive was the top paid executive in the entire country.

As a point of comparison, the previous year Joyce earned “only” ~11.2 million AUD, making him the eighth best paid executive in the country.

So, how did he earn so much, and how did his pay jump that much? His base pay was just over 2 million AUD, and a large part of that compensation came in the form of the increased stock value.

It’s pointed out that Qantas’ value increased from 2.5 billion AUD to 10 billion AUD during that period, and the share price increased by about 350%.

While there will be strong opinions on both sides for executive compensation, we can all agree that’s a period during which Qantas did really well. To what extent the CEO should be rewarded for that (rather than employees) is something that’s up for debate.

Comparing That To Another CEO

In my opinion what’s much worse is when CEOs at airlines get compensated well for poor performance. I’m not thinking of any airline in particular, but theoretically:

• Imagine if you ran an airline where the stock price started the year at $52.33 and ended the year at $32.09
• Imagine earning pre-tax profits of $1.9 billion, or $2.8 billion excluding net special items, when you promised that your airline would earn a minimum of $3 billion in profits in a bad year
• Imagine still earning $12 million, and being the second highest paid airline executive in the US

Like I said, this is all theoretical. 😉

What do you guys think — is Alan Joyce’ nearly 24 million AUD in compensation well deserved, or excessive?

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2019-09-17 12:29:12Z
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Two companies to square off for Australia's $10 billion infantry fighting vehicle program - DefenseNews.com

MELBOURNE, Australia – The Australian government has selected Hanwha and Rheinmetall to participate in the next phase of its A$15 billion (U.S. $10.3 billion) infantry fighting vehicle program, being delivered under Project Land 400 Phase 3.

Hanwha’s AS21 Redback IFV, a variant of the South Korean Army’s K21 vehicle, and Rheinmetall’s Lynx KF41 will now progress to a 12-month risk mitigation activity program later this year, which will test the vehicles under operational conditions.

Land 400 Phase 3 (Mounted Close Combat Capability) will acquire up to 450 tracked IFVs to replace the Australian Army’s ageing M113AS4 armoured personnel carriers. A decision on which tenderer will progress to the acquisition phase of the program will be presented to government for consideration in 2022.

“The two companies have been assessed as offering vehicles that are best able to meet the requirements of the Army while offering value for money for defense,” Minister for Defence Industry Melissa Price said at the Sept. 16 announcement.

The announcement reduces the field from four to two, with BAE Systems (CV90) and General Dynamics Land Systems (Ajax) now eliminated from the competition.

Phase 3 of the overarching Land 400 program follows on from the A$5.2 billion (U.S. $3.6 billion) Phase 2, under which Rheinmetall is delivering 211 Boxer wheeled 8x8 combat reconnaissance vehicles to replace the Australian Army’s light armored vehicles.

Rheinmetall is assembling all but the first 25 Boxers at its recently established Military Vehicle Centre of Excellence at Ipswich, west of Brisbane. Local industry participation will be a key requirement for Land 400 Phase 3.

“Australian industry involvement and Australian workers are vital to this project,” Price said. “Phase 3 is another important opportunity for Australian industry to deliver leading edge technology for the ADF.”

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Rheinmetall has indicated it will assemble the Lynx in its Ipswich facility and Hanwha announced on May 23 that it had teamed with EOS Group and Elbit Systems to develop the AS21 and build it in Geelong, south of Melbourne.

Hanwha and Rheinmetall are also the prime contenders for the Australian Army’s recently revitalized Land 8116 program, which will acquire 30 self-propelled howitzers, together with support vehicles and systems.

Hanwha is proposing a local version of its K9 Thunder 155mm SPH, dubbed Aussie Thunder, which the company said in May would be assembled in Geelong irrespective of the Land 400 Phase 3 outcome. Rheinmetall is expected to offer a solution based on its PzH 2000 vehicle.

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2019-09-17 03:02:07Z
CBMiigFodHRwczovL3d3dy5kZWZlbnNlbmV3cy5jb20vZ2xvYmFsL2FzaWEtcGFjaWZpYy8yMDE5LzA5LzE3L3R3by1jb21wYW5pZXMtdG8tc3F1YXJlLW9mZi1mb3ItYXVzdHJhbGlhcy0xMC1iaWxsaW9uLWZpZ2h0aW5nLXZlaGljbGUtcHJvZ3JhbS_SAQA

Two companies to square off for Australia's $10 billion infantry fighting vehicle program - DefenseNews.com

MELBOURNE, Australia – The Australian government has selected Hanwha and Rheinmetall to participate in the next phase of its A$15 billion (U.S. $10.3 billion) infantry fighting vehicle program, being delivered under Project Land 400 Phase 3.

Hanwha’s AS21 Redback IFV, a variant of the South Korean Army’s K21 vehicle, and Rheinmetall’s Lynx KF41 will now progress to a 12-month risk mitigation activity program later this year, which will test the vehicles under operational conditions.

Land 400 Phase 3 (Mounted Close Combat Capability) will acquire up to 450 tracked IFVs to replace the Australian Army’s ageing M113AS4 armoured personnel carriers. A decision on which tenderer will progress to the acquisition phase of the program will be presented to government for consideration in 2022.

“The two companies have been assessed as offering vehicles that are best able to meet the requirements of the Army while offering value for money for defense,” Minister for Defence Industry Melissa Price said at the Sept. 16 announcement.

The announcement reduces the field from four to two, with BAE Systems (CV90) and General Dynamics Land Systems (Ajax) now eliminated from the competition.

Phase 3 of the overarching Land 400 program follows on from the A$5.2 billion (U.S. $3.6 billion) Phase 2, under which Rheinmetall is delivering 211 Boxer wheeled 8x8 combat reconnaissance vehicles to replace the Australian Army’s light armored vehicles.

Rheinmetall is assembling all but the first 25 Boxers at its recently established Military Vehicle Centre of Excellence at Ipswich, west of Brisbane. Local industry participation will be a key requirement for Land 400 Phase 3.

“Australian industry involvement and Australian workers are vital to this project,” Price said. “Phase 3 is another important opportunity for Australian industry to deliver leading edge technology for the ADF.”

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Rheinmetall has indicated it will assemble the Lynx in its Ipswich facility and Hanwha announced on May 23 that it had teamed with EOS Group and Elbit Systems to develop the AS21 and build it in Geelong, south of Melbourne.

Hanwha and Rheinmetall are also the prime contenders for the Australian Army’s recently revitalized Land 8116 program, which will acquire 30 self-propelled howitzers, together with support vehicles and systems.

Hanwha is proposing a local version of its K9 Thunder 155mm SPH, dubbed Aussie Thunder, which the company said in May would be assembled in Geelong irrespective of the Land 400 Phase 3 outcome. Rheinmetall is expected to offer a solution based on its PzH 2000 vehicle.

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https://www.defensenews.com/global/asia-pacific/2019/09/17/two-companies-to-square-off-for-australias-10-billion-fighting-vehicle-program/

2019-09-17 03:01:25Z
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Bushfires continue to burn across east Australia - Aljazeera.com

Firefighters continued to battle about 50 bushfires across Queensland on Sunday.

Crews from the states of Victoria, South Australia, Western Australia and from New Zealand were helping fight blazes that have destroyed homes, businesses and an estimated 55,000 hectares (135, 908 acres) of land.

The 10-day emergency has seen some 1,200 bushfires burning across the state, with more than 600 community warnings issued in the past two weeks. Officials have warned some fires could burn for months because the ground is bone-dry and there is no significant rain in sight.

Meanwhile, fire conditions eased over the weekend in northern New South Wales, as the winds dropped, prompting the Rural Fire Service (RFS) to downgrade its warning to an advice level.

The RFS said firefighters took advantage of cooler conditions to undertake backburning around the state. With warmer and windier conditions expected in the coming week, it is imperative the firefighting crews take advantage of any break in the weather.

Before the warm-up that is expected this week, rain will move across much of New South Wales on Monday into Tuesday and bring moister, cooler air across the region.

However, the Australian Bureau of Meteorology has warned the fire danger remains high throughout Queensland.

"It's going to be very warm through southern Queensland on Monday, Tuesday and Wednesday," said meteorologist Sam Campbell, late on Saturday. "Unfortunately, the hot, dry weather is set to continue."

Firefighters are most concerned about the Sarabah fire in the Gold Coast hinterland. It is the biggest of the bushfires currently burning and authorities are expecting it to burn for days.

Queensland Premier Annastacia Palaszczuk visited burned-out properties in the Gold Coast hinterland community of Beachmont on Sunday.

"Some people here have lost their worldly possessions but they haven't lost their lives," she said. "They'll be able to rebuild, and we'll help them rebuild."

She asked Queenslanders to give generously to a bushfire appeal to support those who lost everything.

SOURCE: Al Jazeera and news agencies

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https://www.aljazeera.com/news/2019/09/bushfires-continue-burn-east-australia-190915092121208.html

2019-09-15 10:14:00Z
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Tourists Disrespected A Sacred Landmark In Australia. Now, It’s Closing To The Public - Refinery29

Uluru-Kata Tjuta National Park has decided to close Uluru, also known as Ayers Rock, off to climbers permanently, National Geographic reports. The unanimous vote by the park’s board rights “a historic wrong,” according to the Central Land Council, which represents Aboriginal people in central Australia. 

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2019-09-14 20:15:00Z
CAIiEI_VeXllDaQqm3rZtsXhGVsqGQgEKhAIACoHCAowqOXeCjDQ5dYBMJ3T0QM

Australia names academic held in Iran for almost a year - CNN

Moore-Gilbert is one of three Australian citizens detained in Iran, according to the government. The other two Australians were previously identified as Jolie Ellen King and Mark Firkin.

News of the arrests came amid tensions between Iran and United States and its allies, including Australia and the UK.

Since the decision by US President Donald Trump in 2018 to abandon the Iran nuclear deal, Washington has attempted to use what it calls "maximum pressure" to change Iran's behavior and limit its nuclear ambitions.

Earlier this year, tensions between the US and Iran soared to levels that prompted fears of a conflict. Oil prices jumped as investors feared that attacks on oil tankers risked a disruption of shipments in the Strait of Hormuz, which passes by Iran and is the most important place on the planet to the global supply of oil.

Last month, Australia's Prime Minister Scott Morrison announced the country's defense force would work alongside the US and the United Kingdom on a maritime security mission in the Strait of Hormuz.

Australia's Department of Foreign Affairs urged Australian citizens and holders of dual nationality with Australia who are traveling to or through Iran to follow the government's latest travel advice, which is to "reconsider your need to travel," due to "the risk that foreigners, including Australians, could be arbitrarily detained or arrested."

Moore-Gilbert's family said they have been in close contact with the Australian government.

"We believe that the best chance of securing Kylie's safe return is through diplomatic channels," the family said in a statement released through the Australian Department of Foreign Affairs, asking for privacy.

Moore-Gilbert is a fellow and lecturer in Islamic Studies focusing on politics in the Arab Gulf states, according to her biography on the University of Melbourne's website.

According to the university's website, Moore-Gilbert graduated from the University of Cambridge in 2013, and completed her PhD at University of Melbourne in 2017. A source with knowledge of the situation confirmed to CNN that Moore-Gilbert is a British-Australian dual citizen and said the Australian government was taking the lead on securing her release.

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https://www.cnn.com/2019/09/14/middleeast/iran-australian-academic-kylie-moore-gilbert-intl/index.html

2019-09-14 10:35:00Z
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Lawmaker’s Links to China Heighten Alarm Over Beijing’s Reach in Australia - The Wall Street Journal

Opposition lawmakers in Australia have pushed for scrutiny of Gladys Liu’s ties to China. Photo: lukas coch/Shutterstock

By

Robb M. Stewart

Robb M. Stewart
The Wall Street Journal
• Biography
• @RobbMStewart
• robb.stewart@wsj.com

Sept. 13, 2019 4:42 am ET

MELBOURNE, Australia—An Australian lawmaker is facing a political backlash over her ties to Beijing-backed organizations, a sign of deepening sensitivities about perceived meddling by China in national affairs.

Hong Kong-born Gladys Liu said in a statement that she once was a member of an organization linked to a Chinese Communist Party agency that seeks to rally support overseas for the party’s policies, having earlier said that she couldn’t recall any such links. Ms. Liu, who represents the electoral district of Chisholm, which includes leafy suburbs in eastern Melbourne, has lived in Australia for three decades.

Her statement followed an interview with broadcaster Sky News in which Ms. Liu declined to label as unlawful China’s territorial claims in the South China Sea and didn’t accept the characterization of Chinese President Xi Jinping as a dictator. Sky News is owned by News Corp, which publishes The Wall Street Journal.

Prime Minister Scott Morrison defended Ms. Liu, saying she had given a clumsy interview and had subsequently explained herself and the circumstances. He said any suggestion Ms. Liu was in cahoots with the Chinese government was ridiculous and “an insult to every single Chinese-Australian in this country.”

Ms. Liu didn’t immediately respond to a request for comment.

Opposition lawmakers have pushed for scrutiny of Ms. Liu’s ties to China. Labor Senate leader Penny Wong called on the prime minister to assure parliament that Ms. Liu was “fit and proper” to be a lawmaker, while her party has pushed for the government to address the matter in parliament.

Australia has sought to balance a deeper relationship with China, its biggest trade partner, with concerns about Beijing’s foreign-policy ambitions. Acting on advice from intelligence officials that Beijing was meddling in everything from politics to media and college campuses, Canberra last year enacted new campaign finance and counterespionage laws modeled on the U.S. Foreign Agents Registration Act.

In February, the conservative government rejected a prominent Chinese political donor’s application for citizenship and canceled his residence visa while he was overseas because of concerns he was too close to Beijing. China in turn accused Australia of being the “most unfriendly” nation toward its rising economic and geopolitical clout.

In her statement, Ms. Liu said she held an honorary role with Guangdong Overseas Exchange Association in 2001 but was no longer part of the organization. She also confirmed associations with two other Australian-Chinese organizations, saying membership of such community groups helped her to support Australia’s trade ties with Hong Kong.

She said nations claiming rights in the South China Sea should resolve disputes peacefully and in accordance with international law.

Ms. Liu became an Australian citizen in 1992, one week before the birth of her first child, and in 2003 she joined the Liberal Party, becoming a spokesperson for the party in Melbourne’s ethnic Chinese community.

Write to Robb M. Stewart at robb.stewart@wsj.com

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2019-09-13 08:42:00Z
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