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"Last chance, Mr Banducci": Woolies CEO threatened with jail time

<p>Outgoing Woolworths CEO Brad Banducci has been threatened with jail time for refusing to answer questions about price gouging at a fiery Senate enquiry. </p> <p>The parliamentary probe into supermarket prices has seen Banducci be grilled by senators about how the supermarket raked in record-breaking profits during the ongoing cost of living crisis. </p> <p>During the enquiry on Tuesday, Banducci was repeatedly warned by committee chair and Greens senator Nick McKim about giving evasive answers when asked about his company's return on equity.</p> <p>Banducci repeatedly told the committee that return on equity was not his focus, and Woolworths is instead more interested in return on investment, refusing the question and prompting a 15-minute adjournment. </p> <p>When the enquiry resumed, a similar exchange occurred, leading to another warning for the Woolworths chief executive.</p> <p>"Last chance, Mr Banducci," McKim said.</p> <p>"Do you accept that return on equity is an accepted measure of the financial profitability of a company?"</p> <p>When Banducci replied that "we measure return on investment", the committee was suspended.</p> <p>Its return immediately saw another round of the same questions and answers, with McKim warning Banducci about the consequences of not answering questions clearly.</p> <p>"It is open to the Senate to hold you in contempt, and that carries potential sanctions including up to six months imprisonment for you," he said after saying the Woolworths boss could simply say he didn't know the answer and take the question on notice.</p> <p>"That's why this is a critical matter so I'd just ask you to address your mind with absolute clarity, please, to the question I am asking."</p> <p>"I put it to you the reason you don't want to focus on return on equity is because you don't like the story that it's telling, which is that you are basically profiteering and making off with massive profits at the expense of farmers at the expense of your workers and at the expense of Australian shoppers who you are price gouging," Greens senator McKim said.</p> <p>The enquiry is still ongoing, with Coles counterpart Leah Weckert set to address the same Senate committee later on Tuesday as the government continues to probe allegations of price gouging.</p> <p><em>Image Credits: ABC - Four Corners</em></p>

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New Woolies CEO's huge salary revealed

<p dir="ltr">Woolworths have announced their new CEO, just hours after Brad Banducci shared the news of his <a href="https://www.oversixty.com.au/lifestyle/retirement-life/woolies-ceo-quits-after-disaster-interview" target="_blank" rel="noopener">retirement</a>. </p> <p dir="ltr">After almost nine years at the helm, Banducci is stepping down after a <a href="https://www.oversixty.com.au/finance/money-banking/i-think-i-m-done-the-question-that-made-woolies-ceo-leave-interview" target="_blank" rel="noopener">trainwreck interview</a> with ABC’s <em>Four Corners</em>, and while still facing backlash over the decision to not stock Australia Day merchandise. </p> <p dir="ltr">Now, his replacement has been announced, with Amanda Bardwell set to step into the role in September. </p> <p dir="ltr">Ms Bardwell was appointed to the role following an “extensive international search process”, which Woolworths Group Chair, Scott Perkins said was supported by external consultants.</p> <p dir="ltr">“We are thrilled to announce the appointment of Amanda as the incoming and 13th Managing Director and Group CEO of Woolworths Group, as the Group starts its next century of creating better experiences together for a better tomorrow,” Mr Perkins said in a statement.</p> <p dir="ltr">When Ms Bardwell steps into the role, she is set to receive a generous pay packet of $2.15 million, as well as additional generous bonus incentives.</p> <p dir="ltr">While this number seems extravagant, it pales in comparison with the $7.65 million Banducci took home last year. </p> <p dir="ltr">Mr Banducci’s pay was even higher in 2022, with a take home pay of $8.37 million, but money was knocked off from his short term bonuses, after the discovery that there was nearly $600 million in underpayments across Woolworths’ payroll going back years.</p> <p dir="ltr">The revelation of his extortionate pay packet in the wake of his resignation has angered many, with social media users airing their grievances over his salary, given that many Aussies continue to struggle to keep up with the rising costs of supermarkets as the cost of living crisis continues. </p> <p dir="ltr">Mr Banducci’s retirement was announced in a statement to the ASX on Wednesday morning, with the former boss saying it has been a “privilege” to be a member of the Woolworths team and one he has “never taken for granted”.</p> <p dir="ltr">A spokesman for Woolworths said Mr Banducci’s retirement announcement was not connected in any way to the recent <em>Four Corners</em> interview.</p> <p dir="ltr"><em>Image credits: Woolworths</em></p>

Money & Banking

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Woolies CEO quits after disaster interview

<p>Woolworths chief executive Brad Banducci has announced his retirement amidst a flurry of challenges facing the Australian supermarket behemoth. As the company grapples with a staggering loss and contends with allegations of price gouging and unfair dealings with suppliers, the announcement of Banducci's departure marks a significant shake-up at the top.</p> <p>The supermarket giant wasted no time in appointing a successor, promoting Amanda Bardwell to the coveted position after what was described as an "extensive international search process". Bardwell, a veteran of the company with 23 years of experience, currently leads WooliesX, a vital sub-division within Woolworths.</p> <p>Banducci's retirement comes hot on the heels of Woolworths' latest financial results, which revealed a substantial $781 million statutory loss. This loss was largely attributed to a $NZ1.6 billion ($1.5 billion) writedown in the value of its New Zealand grocery business and a $209 million reduction in the value of its stake in ASX-listed alcohol and hotels spin-off Endeavour. Despite these setbacks, Woolworths managed to announce a 2.5 per cent rise in half-year profit to $929 million, buoyed by a 4.4 per cent increase in revenue compared to the previous year.</p> <p>However, amidst these financial intricacies lies a more troubling narrative. Woolworths has found itself embroiled in allegations of price gouging and unfair practices with suppliers, casting a shadow over its operations. The spotlight intensified with the release of an ABC investigation featuring a contentious interview between Banducci and reporter Angus Grigg. The interview, part of a comprehensive examination of the Australian supermarket industry amid the ACCC's investigation into allegations of unfair pricing, saw Banducci visibly flustered and defensive.</p> <p>The program scrutinised how supermarkets profit from rising prices amid a cost of living crisis and included conversations with key industry figures, including Banducci and Coles boss Leah Weckert. Banducci's exchange with Grigg, particularly his dismissal of former ACCC head Rod Sims' remarks, underscored the tension surrounding the allegations. Banducci's subsequent request to edit his comments mid-interview, followed by a brief exit to confer with his PR team, highlighted the sensitivity of the issue.</p> <p>Grigg, reflecting on the incident, described Banducci's reaction as "pretty startling", while pointing out that the lack of scrutiny faced by supermarket executives over the years was very significant. </p> <p><em>Images: ABC / Woolworths</em></p> <p> </p>

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"I think I'm done": The question that made Woolies CEO leave interview

<p>Woolworths CEO Brad Banducci has cracked under the pressure during a tense interview with ABC's <em>Four Corners</em>. </p> <p>The supermarket boss sat down with reporter Angus Grigg as part of a deep dive into the supermarket industry in Australia amid the ACCC's investigation into allegations of unfair price gouging.</p> <p>The program questioned how supermarkets have been profiting from rising prices amidst the cost of living crisis and spoke with a number of key players, including Banducci and Coles boss Leah Weckert. </p> <p>The supermarkets have long denied the allegations have since become the focus of investigations by both the Senate and the Australian Competition and Consumer Commission (ACCC).</p> <p>“Rod Sims, the former head of the ACCC, says that we have one of the most concentrated supermarket [sectors] in the world, is he lying?” Griggs asked Banducci.</p> <p>“It’s not true. [He’s] retired, by the way,” Banducci said.</p> <p>The comment caught Griggs off guard, to which he responded, “I don’t think you would impugn his integrity and his understanding of competition law. He retired 18 months ago.”</p> <p>Banducci then began to appear agitated and asked if his comments could be removed.</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">This is what happened when Four Corners asked Woolworths CEO Brad Banducci about the lack of competition in the Australian grocery market. </p> <p>Watch the <a href="https://twitter.com/hashtag/4Corners?src=hash&amp;ref_src=twsrc%5Etfw">#4Corners</a> documentary tonight: <a href="https://t.co/dDRYGLaw2i">https://t.co/dDRYGLaw2i</a> <a href="https://t.co/bsrJD9IETB">pic.twitter.com/bsrJD9IETB</a></p> <p>— ABC News (@abcnews) <a href="https://twitter.com/abcnews/status/1759391473567490367?ref_src=twsrc%5Etfw">February 19, 2024</a></p></blockquote> <p>“Can we take that out? Is that ok? Angus, are we going to leave it in?” he said.</p> <p>“I shouldn’t have said that about Rod, about him being retired. I mean, he is retired, but I shouldn’t have said that. Are we going to leave that in there?”</p> <p>Upon being told that his comments were “on the record” and would not be taken out, Banducci said, “I think I’m done guys.”</p> <p>“I do this with good intent, and I don’t do this with bad intent,” he said as he walked away.</p> <p>“Really, you’re walking out?” Grigg asked.</p> <p>Banducci then disappeared from view, reportedly to talk with his PR team, before returning a few moments later to complete the interview.</p> <p>Speaking to <em>ABC’s News Breakfast </em>on Monday after the episode aired, Griggs called the move “pretty startling”.</p> <p>“I think it shows you that, there you have the boss of the largest supermarket chain in the country really unwilling to face too many questions,” he said. </p> <p>“It shows how little scrutiny they’ve had over the years and I think that’s a really big problem.”</p> <p><em>Image credits: ABC</em></p>

Money & Banking

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Why Gladys likely won't be the new Optus CEO

<p>Rumours are swirling that former NSW premier Gladys Berejiklian could be taking the top job at Optus after former chief executive Kelly Bayer Rosmarin resigned on Monday. </p> <p>According to NCA NewsWire, the former premier has flagged her interest in the role as Optus launched its global search for the chief's replacement. </p> <p>Berejiklian was responsible for managing the company’s business customers in early 2022, but there's one massive roadblock that might stop her from becoming the next Optus CEO. </p> <p>Any decision to promote Berejiklian could be seen as risky after she was found to have engaged in serious corrupt conduct with former Wagga Wagga MP and partner Daryl Maguire, by the NSW Independent Commission Against Corruption (ICAC). </p> <p>Despite appealing the findings, it is highly unlikely that Berejiklian would get the job after the ICAC ruling. </p> <p>Although the decision itself would ultimately fall with the Optus board, Greens senator Sarah Hanson-Young said that she wanted someone who “understands that we need better regulation and work with the government, not against them”.</p> <p>“I think Gladys will have to get some other things off her desk before she steps forward," she said. </p> <p>“What I want to see is somebody who puts the public interest first, is honest and has integrity.”</p> <p>Berejiklian has stayed silent on the matter, with Optus chief financial officer Michael Venter currently taking on the role of interim chief executive as the telecom company continues to lookout for a replacement. </p> <p>Image: Mark Kolbe/Getty Images</p>

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Alan Joyce grilled over cancelled flights and Covid credits

<p>Outgoing Qantas CEO Alan Joyce has faced a line of tough questioning after appearing in front of a Senate committee on Monday, who questioned his enormous salary in the face of the cost of living crisis.</p> <p>At the explosive public hearing of the select committee on the cost of living, which Joyce had to be summonsed to after repeatedly refusing to attend, the outgoing Qantas chief executive defended the record $2.47bn full-year profit he announced just days earlier.</p> <p>Senators were confused by the extraordinary profit, given Qantas has seen 12 months of soaring customer dissatisfaction and a looming class action lawsuit over the travel credits policy during the height of the pandemic, as well as facing accusations of anti-competitive behaviour, and historically high cancellation rates out of Sydney airport.</p> <p>Joyce defended the profits, saying Qantas had been caught up in a wave of “criticism of corporate profits” due to cost-of-living pressures.</p> <p>As well as the company's incredible profits, Joyce himself, who is walking away from the CEO role at the end of the year, is set to walk away with as much as $24 million in personal pay. </p> <p>Labor senator Tony Sheldon quizzed Joyce on if he feels "embarrassed" over his huge personal salary, given the airline’s soaring complaints and his decisions to restructure the airline to pay employees less.</p> <p>Joyce refused to answer the question, saying the senator was "making a whole series of points that are just incorrect.”</p> <p>Joyce was then grilled on the seemingly "strategic" cancellation of domestic flights, in which some senators, as well as airline competitors, had accused Qantas of booking in flights out of Sydney airport and then cancelling them last minute, to block other airlines from increasing their services. </p> <p>He again denied these claims, stating that Qantas’s cancellation rate on a national level (not out of Sydney specifically) were the lowest of the major carriers, and blamed the cancellations on “supply chain issues” and “air traffic control delays”.</p> <p>Finally, Joyce was confronted over his policy of not refunding travel credits that were issued when travellers' trips were cancelled during the height of the pandemic. </p> <p>In June, Qantas announced more than $500 million in Covid credits remained unclaimed and would expire by the end of the year.</p> <p>While refunds have been offered for some credits, not everyone was able to claim these, and a class action lawsuit is now claiming compensation for lost interest on the credits.</p> <p>At the Senate committee meeting, Jetstar chief executive, Steph Tully, said the number of unclaimed credits now lies at $370 million, however this figure did not reflect Jetstar or overseas customers’ credits.</p> <p>“Around $100m” in Jetstar credits remain unclaimed, on top of Qantas’s $370m, Tully said.</p> <p>Senator Sheldon then slammed Tully for "not being transparent” before asking “what’s stopping you from refunding the money”.</p> <p>Tully replied “lots of reasons”, citing codeshare flights and “half-taken trips”.</p> <p><em>Image credits: Getty Images</em></p>

Money & Banking

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Alan Joyce preparing to sell controversial $20 million mansion

<p>Outgoing Qantas CEO Alan Joyce is saying goodbye to more than his long-time role at the airline as he prepares to sell his controversial harbourside mansion.</p> <p>The veteran airline boss purchased the gorgeous North Shore home for a staggering $19 million in May 2022.</p> <p>Soon after he was forced to launch a fierce defence of his excessive spending habits after Qantas announced a whopping $1.9 billion loss.</p> <p>The airline came under fire for poor customer service, extended wait times for flyers, and drama over lost bags and late flights, amid legal action over its move to lay off workers that lead to Joyce launching the defence of his own record as airline boss.</p> <p>He said he was tired of being forced to justify his professional and personal decisions.</p> <p>“Why is it relevant what I do in my private life? I’m not a public figure. People regard the CEO of Qantas as like a politician and it definitely shouldn’t be. It’s a business figure,’ Joyce told <em>The Australian</em> in 2022.</p> <p>“It’s been well reported over the years how much I get paid, so I do have the money because Qantas went to record profits and had a ­record share price.”</p> <p>According to reports, Joyce is set to sell his short-term blue chip pile in Mosman, overlooking Mosman Bay and move into a generous penthouse in The Rocks.</p> <p>It is understood that Joyce has undertaken some refurbishments on the Mosman home. That paired with the competitive market for prestige homes in Sydney means the home could sell for more than $20 million.</p> <p>The luxe home has been previously owned by former foreign exchange dealer Alison Ethell and her sister, Jane, since 1993 when it cost $1.25 million.</p> <p><em>Image credit: Getty / Realestate.com.au</em></p>

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Top CEOs make workers’ yearly salaries in just FOUR days

<p><span style="font-weight: 400;">Leaders of some of the UK’s biggest companies will have made more money by 9am local time (8pm AEDT) on January 7 than the average UK worker earns in a year.</span></p> <p><span style="font-weight: 400;">A new </span><a rel="noopener" href="https://highpaycentre.org/high-pay-day-2022/" target="_blank"><span style="font-weight: 400;">analysis</span></a><span style="font-weight: 400;"> from the High Pay Centre, a UK think-tank that campaigns for fair pay for workers, suggests that a FTSE 100 chief executive (working at any of the 100 companies listed on the London Stock Exchange) will have earned more than an average full-time UK worker’s annual salary.</span></p> <p><span style="font-weight: 400;">The High Pay Centre’s calculations are based on government statistics relating to pay levels across the economy, as well as previous analyses of CEO pay disclosures in annual reports.</span></p> <blockquote class="twitter-tweet"> <p dir="ltr">Today the median FTSE100 CEO's earnings for 2022 will surpass the median annual wage for a full-time worker in the UK<br /><br />Such extreme inequality is immoral, unacceptable &amp; unsustainable. Wealth in this country has to be shared more fairly &amp; more evenly<a href="https://twitter.com/HighPayCentre?ref_src=twsrc%5Etfw">@HighPayCentre</a></p> — Caroline Lucas (@CarolineLucas) <a href="https://twitter.com/CarolineLucas/status/1479354617167110145?ref_src=twsrc%5Etfw">January 7, 2022</a></blockquote> <p><span style="font-weight: 400;">This year marks the first in the last ten years of reporting by the High Pay Centre where CEOs have made the same amount as average UK workers within the first four working days of the year. In previous reports, CEOs have typically surpassed the average yearly wage by January 6.</span></p> <p><span style="font-weight: 400;">According to data from 2020 - the latest full-year figures - FTSE100 CEOs were paid £2.7 million ($AUD 5.13 million) on average that year, which is nearly 86 times the average salary of £31, 285 ($AUD 29,385), as reported by </span><em><a rel="noopener" href="https://www.theguardian.com/business/2022/jan/07/ftse-bosses-pay-average-9am" target="_blank"><span style="font-weight: 400;">The Guardian</span></a></em><span style="font-weight: 400;">.</span></p> <p><span style="font-weight: 400;">The 2020 financial year saw the average wage for CEOs fall, with many bosses taking wage cuts and cancelling their bonuses during the COVID-19 pandemic and subsequent lockdown.</span></p> <blockquote class="twitter-tweet"> <p dir="ltr">Today is <a href="https://twitter.com/hashtag/HighPayDay?src=hash&amp;ref_src=twsrc%5Etfw">#HighPayDay</a>. <br /><br />Just prior to 9am today, CEOs' earnings for 2022 will surpass the median UK full time salary. <br /><br />As key workers face a cost of living crisis, we need urgent action to ensure wealth is shared more fairly in our society. <a href="https://t.co/RC5ah2daxs">https://t.co/RC5ah2daxs</a></p> — High Pay Centre (@HighPayCentre) <a href="https://twitter.com/HighPayCentre/status/1479347068330123269?ref_src=twsrc%5Etfw">January 7, 2022</a></blockquote> <p><span style="font-weight: 400;">Though most companies are yet to release figures for the financial year ending in 2021, the High Pay Centre’s report found that 57 percent of those who have done so have recorded increased wages for CEOs.</span></p> <p><span style="font-weight: 400;">The country’s biggest unions have said the disparity between bosses and ordinary workers was “disgraceful”, demanding that companies be forced to appoint a frontline worker to executive pay committees.</span></p> <p><span style="font-weight: 400;">“The pandemic has shown us all who keeps the country going during a crisis,” Frances O’Grady, the general secretary of the Trade Union Congress, said.</span></p> <p><span style="font-weight: 400;">“There are millions of hardworking people in Britain - from carers, to delivery drivers, to shop floor staff - who give more than they get back, but greedy executives are taking home millions while ordinary workers face yet another year of pay squeezes.</span></p> <p><span style="font-weight: 400;">“As we emerge from the pandemic we need to redesign the economy to make it fair, and that means big reforms to bring CEO pay back down to earth.”</span></p> <p><span style="font-weight: 400;">Ms O’Grady said committees that set CEO pay must be “required to include workforce representatives who can speak up for a fairer balance of pay with ordinary workers”.</span></p> <p><span style="font-weight: 400;">“Incentive schemes for company directors should be replaced by profit-share schemes that include the whole workforce,” she added.</span></p> <p><span style="font-weight: 400;">“Too much wealth is being hoarded at the top.”</span></p> <p><span style="font-weight: 400;">Top earners in the UK included Pascal Soriot, the CEO of vaccine-maker AstraZeneca, who received £15.5 million ($AUD 29.4 million), Berkeley’s Rob Perrins, who collected £8 million ($AUD 15.2 million), and Experian’s Brian Cassin, who earned £10.3 million ($AUD 19.5 million).</span></p> <p><span style="font-weight: 400;">Meanwhile in Australia, the </span><em><a rel="noopener" href="https://www.afr.com/work-and-careers/leaders/revealed-australia-s-50-highest-paid-ceos-20211117-p599rf" target="_blank"><span style="font-weight: 400;">Australian Financial Review</span></a></em><span style="font-weight: 400;"> found that the paychecks of the country’s top bosses increased on average by 24 percent in the 2020-21 financial year, with Macquarie Group CEO Shemara Wikramanayake topping the list of high-earners with a reported pay of $15.97 million.</span></p> <p><span style="font-weight: 400;">As for New Zealand, a survey conducted by </span><em><a rel="noopener" href="https://www.stuff.co.nz/business/126432044/bosses-of-our-biggest-companies-can-earn-nearly-40-times-more-than-their-workers" target="_blank"><span style="font-weight: 400;">Stuff</span></a></em><span style="font-weight: 400;"> found that Kiwi CEOs received between 16 and 36 times worker pay, and that only half of the country’s 20 biggest companies were willing to disclose their median pay.</span></p> <p><span style="font-weight: 400;">According to the publication, Fletcher Building CEO Ross Taylor was the country’s highest earner, receiving $7 million ($AUD 6.6 million). Though the company refused to disclose its workers’ median pay, Mr Taylor made nearly 90 times that of his workers if they received the survey’s mean pay of $80,000 ($AUD 75,460).</span></p> <p><span style="font-weight: 400;">Sharon Graham, the general secretary of Unite the Union, took to twitter to criticise the continued heft of CEO salaries despite the pandemic.</span></p> <p><span style="font-weight: 400;">“Is it the nurse in an intensive care unit saving the lives of those struck by Covid, or an elite investment banker making millions, who contributes most to society?” she wrote on Twitter.</span></p> <p><span style="font-weight: 400;">“Which of them stood up for all of us during the pandemic?”</span></p> <p><em><span style="font-weight: 400;">Image: Getty Images</span></em></p>

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CEO fires 900 employees over Zoom right before holidays

<p dir="ltr">Better.com CEO Vishal Garg informed more than 900 employees that they were being let go from the company, which provides digital mortgage services for prospective homeowners, just weeks before the holidays in an online video call last week.</p> <p dir="ltr">On Wednesday, Garg informed the employees on the three-minute-long Zoom call that, "If you're on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately."</p> <p dir="ltr">He added that employees could expect an email from HR detailing benefits and severance. According to<span> </span><a rel="noopener" href="https://www.independent.co.uk/news/world/americas/vishal-garg-better-ceo-fired-b1970887.html" target="_blank"><em>The Independent</em></a><em>,<span> </span></em>terminated employees will receive a month of severance pay, a month of full benefits, and two months of cover-up during which Better.com will pay the premium.</p> <p dir="ltr">In a statement to<span> </span><em>CNN Business,<span> </span></em>CFO Kevin Ryan said, "Having to conduct layoffs is gut wrenching, especially this time of year. However a fortress balance sheet and a reduced and focused workforce together set us up to play offence going into a radically evolving homeownership market."</p> <p dir="ltr">The mass layoffs came just one day after it was revealed that the company, which announced its intention to go public in May, would be receiving a $750 million cash infusion from its SPAC (Special Purpose Acquisition Company) backers.</p> <p dir="ltr">Garg cited market efficiency, performance and productivity as the reason behind the firings.<span> </span><em>Fortune<span> </span></em>later reported that he accused the employees of “stealing” from their colleagues and customers by being unproductive and only working two hours a day.</p> <p dir="ltr">On the call, Garg said, “This is the second time in my career I'm doing this and I do not want to do this. The last time I did it, I cried,” while remaining emotionless throughout. Among those fired were the diversity, equity and inclusion recruiting team.</p> <p dir="ltr"><em>Image: YouTube</em></p>

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Qantas CEO Alan Joyce on what international travel will actually look like

<p>Australia’s national carrier has hinted at how the long awaited resumption of international travel may look.</p> <p>With Prime Minister Scott Morrison last week announcing borders will tentatively open for states that have reached 80% vaccine milestone next month, Australians have been told to dust off their passports.</p> <p>But Qantas boss Alan Joyce is warning overseas travel will look far different than it did this time two years ago.</p> <p>Speaking in Boston on Tuesday AEDT, Joyce provided details of how overseas travel will look.</p> <p>Vaccine passports remain a crucial component of the flight plan.</p> <p>Joyce said the airline was working with The International Air Transport Association on the technology for a digital travel pass to make the process as seamless as possible.</p> <p>Travellers can expect to have to undergo up to four tests of COVID-19, one prior to departure for each flight and two while home in quarantine.</p> <p>It’s yet to be established what would happen should a traveller test positive during a pre-flight test.</p> <p>Under current protocol, all pre-flight tests must come back negative before a traveller is allowed to board a flight for Australia.</p> <p>Joyce fears that the seven day home quarantine program, which is being trailed in NSW and closely watched in other states could be a deterrent.</p> <p>“Now while seven days home quarantine is a step in the right direction – we believe over time that needs to get shorter.</p> <p>“Australians coming home to visit relatives – or those eager to see friends and family overseas for Christmas – may be willing to do seven days quarantine.”</p> <p>“But certainly overseas tourists and business travellers will not come to Australia if that’s in place – particularly when there is no quarantine for travellers in most parts of the world.”</p> <p>The next priorities are skilled migrants that are very important for the country, as well as students.”</p> <p>Welcoming tourists back into Australia isn’t expected to occur until next year, he said.</p> <p>“We’re ready for take off”.</p>

International Travel

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"Stark but not surprising": Qantas CEO reveals staggering loss

<p><span>Qantas has announced they have had a $1.08 billion half-year loss, following their dramatic $6.9 billion plunge in revenue due to restrictive travel bans and rules.</span><br /><br /><span>The net loss before tax was $1.47 billion, however the airline will be able to offset part of that against future tax bills.</span><br /><br /><span>"These figures are stark but not surprising," Qantas chief executive Alan Joyce said.</span><br /><br /><span>"During the half we saw the second wave in Victoria and the strictest domestic travel restrictions since the pandemic began. Virtually all of our international flying and 70 per cent of domestic flying stopped, and with it went three-quarters of our revenue."</span><br /><br /><span>The airline remains hopeful and said they still have $4.2 billion in available cash to keep going until Australia's international border reopens and domestic travel ramps up to more normal levels.</span><br /><br /><span>Qantas is currently expecting international travel to resume more broadly at the end of October.</span><br /><br /><span>They have started selling tickets to the UK or US for travel as early as July.</span><br /><br /><span>The airline is hopeful of a "material increase" in trans-Tasman flying.</span><br /><br /><span>Unfortunately there has been a COVID-19 outbreak in Auckland that has seen several states already reimpose quarantine restrictions on New Zealand arrivals.</span><br /><br /><span>Qantas is hoping to have 60 per cent of pre-COVID domestic capacity by the end of March and 80 per cent by the end of June.</span><br /><br /><span>The airline is currently running at just 8 per cent of international capacity.</span><br /><br /><span>They are doing this through trans-Tasman and repatriation flights.</span></p>

Money & Banking

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AusPost offers bizarre excuses for CEO's overspending

<div class="post_body_wrapper"> <div class="post_body"> <div class="body_text redactor-styles redactor-in"> <p>Australia Post CEO Christine Holgate and her personal office have spent a shocking $275,000 on corporate credit cards since her appointment. There are now demands for a line-by-line disclosure on the spending from Parliament.</p> <p>The spending, which the bulk of it is "organisational spending" could be the key to Holgate holding onto her role of CEO, regardless of whether or not the spending was legitimate under Australia Post policies.</p> <p>Insiders say that the terms of inquiry were established with references to her "personal expenses" that "sets up" Holgate and asks that a judgement be made over Aus Post executives adhering to "high standards regarding the expenditure of money".</p> <p>Holgate has a personal corporate credit card for her own use that racked up a surprisingly low $88,100 since she was appointed to her role as CEO three years ago.</p> <p>However, it's the second relatively new card that's been used for $287,000 in this financial year alone that has caught the attention of the Labor government.</p> <p>Australia Post has offered odd excuses as to why a line-by-line breakdown of spending can't be provided, including the former "work from home" requirements in Melbourne.</p> <p>“Australia Post’s Melbourne Headquarters have been closed for several months, due to the COVID-19 lockdown in metropolitan Melbourne. As a result, Melbourne office staff have been working remotely and access to some records has been restricted,’’ Australia Post said.</p> <p>Labor Senator Kimberley Kitching told <a rel="noopener" href="https://www.news.com.au/finance/work/leaders/australia-posts-bizarre-excuse-for-refusing-to-disclose-corporate-credit-card-spending/news-story/bae8362ceba28161aece0718f4cfe06a" target="_blank"><em>news.com.au</em></a> that Australia Post’s explanation as to why it won’t provide an itemised list of spending does not make sense.</p> <p>“They should furnish the Senate with the credit card statements which I had already requested, but I was told that they couldn’t provide those statements because employees were working from home,’’ Senator Kitching said.</p> <p>After the previous chairman of Australia Post, John Stanhope, left the organisation in 2019, the "Office of teh CEO" took responsibility for any previous charges and the card that racked up the $287,000 bill was used to purchase flowers, catering, car hire as well as being used for travel expenses.</p> <p>“The Group Chief Executive Officer &amp; Managing Director has not been issued with a travel charge card,’’ Australia Post said.</p> <p>“However, there is one credit card in the name of the ‘Office of the CEO’ used to pay for various organisational expenditure, including travel expenses. Organisational expenditure paid with this credit card totalled $287,063.44 for the 2019/20 financial year.</p> <p>“The credit card was used for a wide range of organisational expenditure, including in relation to the Group Chief Executive Officer &amp; Managing Director, the Board Chair, the Executive Team, the Office of the CEO, and the Extended Leadership Team.”</p> <p>So far, Australia Post is refusing to provide a breakdown of expenses, saying it would involve an "unreasonable diversion of resources".</p> <p>“There is one credit card in the name of the Group Chief Executive Officer &amp; Managing Director,’’ Australia Post said.</p> <p>“An itemised breakdown of the charges over this period (almost three years) would involve an unreasonable diversion of resources.”</p> <p>A report will be provided to the Morrison Government within four weeks of the investigation commencing.</p> </div> </div> </div>

Money & Banking

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Karl Stefanovic’s fiery interview with upset CEO of Jim’s Mowing

<p>In a fiery interview with Karl Stefanovic on the <em>Today</em> show, Jim Penman, CEO and founder of national gardening franchise Jim’s Mowing, labelled Victorian Premier Daniel Andrews the “worst political leader since federation”.</p> <p>“This idea that he consults with business is ludicrous,” said Penman. “It is a joke.”</p> <p>“He is an utter incompetent. He has stuffed the quarantine, he is stuffing the contact tracing, he is stuffing the testing. The only thing he is good at is trashing the Victorian economy.</p> <p>“I cannot think of anybody remotely as bad as this.”</p> <p>“Our industry is no threat to public health at all,” Penman explained to Karl, referring to the sole operators currently working for his Jim’s Mowing franchises. “A lone operator working alone in a garden is no threat to health. But, when you throw tens of thousands of people out of work without need, you talk about mental health issues, suicide, drug addiction, domestic violence and the rest.</p> <p>“He should be tossed out by his own party.”</p> <p>Penman also wrote a highly critical letter to the Premier on September 7 after Daniel Andrews announced the extension of Victoria’s lockdown period:</p> <p>“Premier, you will have blood on your hands. Every day I hear stories of misery and despair. Putting people out of work without need is a massive risk to health and wellbeing.</p> <p>“I have one Franchisee whose son barely survived a suicide attempt. His daughter too is severely depressed... This extension has filled them with despair.”</p> <p>“Drop this senseless measure,” Penman appealed in his letter, asking Mr Andrews to “put human welfare” ahead of political advantage.</p> <p><strong>Images:</strong> Getty Images</p>

Home & Garden

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Not all Karens are bad news

<div class="post_body_wrapper"> <div class="post_body"> <div class="body_text "> <p>Many videos are popping out about self-entitled women called "Karen" refusing to wear masks during the coronavirus pandemic.</p> <p>The phrase initially started in the US and has spread out to countries around the world as other videos pop up of women ignoring social distancing rules.</p> <p>"Karen" has come to represent a type of woman that thinks the rules don't apply to her.</p> <p>However, some "Karens" are deciding to take the name back, such as Karen Hayes, the CEO of Guide Dogs Victoria.</p> <p>She took to Twitter with a video message urging all people, including Karens, to be kind and respectful.</p> <blockquote class="twitter-tweet"> <p dir="ltr">To the good Karens and Kazzas of Australia – it’s time to stand up!<br /><br />Be the Karens that we want to see in the world. <br /><br />Wear your mask. Stay kind. Stay home.<br /><br />Share this message and stop the spread of CoronaKarens. <a href="https://twitter.com/hashtag/NotAllKarens?src=hash&amp;ref_src=twsrc%5Etfw">#NotAllKarens</a> <a href="https://t.co/vu9rHc0coP">pic.twitter.com/vu9rHc0coP</a></p> — Karen Hayes AM DSJ (@karenlhayes) <a href="https://twitter.com/karenlhayes/status/1288014879022960641?ref_src=twsrc%5Etfw">July 28, 2020</a></blockquote> <p>“To the good Karens and Kazzas of Australia – it’s time to stand up!,” she said.</p> <p>“Be the Karens that we want to see in the world.</p> <p>“Wear your mask. Stay kind. Stay home.</p> <p>“Share this message and stop the spread of CoronaKarens.”</p> <p>Her Twitter followers were quick to agree, saying that they weren't fans of the use of the name.</p> <p>“The derogatory use of the name ‘Karen’ has to be the dumbest thing I have seen years, which is a massive call in itself,” one person wrote.</p> <p>“Best of luck with your campaign.”</p> <p>“Good on you Karen!,” wrote another.</p> <p>“I have a sister-in-law and lots of friends called Karen - we had four in our mum’s’ group alone!</p> <p>“They are all the nicest people you could meet.”</p> <p>Domino's Pizza is also trying to spread the word about good Karens, saying that it is offering free pizza to law-abiding and mask wearing Karens.</p> <p>“Karen the nurse, Karen the teacher, Karen the mum, Karen the neighbour, Karen the mask wearer – we’re all in this together, but a vocal minority who believe rules and laws don’t apply to them have given the name “Karen” a bad rap this year,” the pizza company wrote on its <a rel="noopener" href="https://www.facebook.com/DominosAustralia/photos/a.220268216411/10159290591166412/?type=3&amp;__xts__%5B0%5D=68.ARAtBjfwFpoFQUluk4aTj5R6lvx86cjrTLbWBXE6wGi-8dYcMYGORI4zKCEIhvIkcVTJILZXoSHgSSBoEuVFdpr4fsjke0LdlmBTIuR1u7ScTm-sMP4j1B3FUu5DJRW20Rd0NiWVnA-4Bi085kgYPPfOwrcdnCOsWIABQxFioutTS-zFoZvwccGKCZgskHsikHXOdx0Yvsg1uD-vpohI7UreldJl51--osMnsxI0Y3ofD4iVP_mEdVOUFiJi_nShedqiMIclV7rsw3GR1c1j9xAKccVopCubXSPbRHp2Zh-ghgar4PZR13wBSsqpg8NKvPzjc3TvKKGdSUCFruaVEFK6v6LwtXoDp1ptfsXBYBk&amp;__tn__=H-R" target="_blank" class="_e75a791d-denali-editor-page-rtflink">Facebook page.</a></p> <p>“At Domino’s, we know there’s plenty of Australians named Karen that aren’t, well, “Karens”.</p> <p>“Let us know if you’re one of them.”</p> </div> </div> </div>

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Woolworths CEO responds to backlash after ‘Made in China’ paper bag furore

<p><span>Woolworths CEO Brad Banducci has responded to new demands for more Australian-made products in stores.</span></p> <p><span>Addressing shoppers directly, Banducci says the supermarket is working on ways to make it easier to identify locally made products.</span></p> <p><span>The store came under fire after it was discovered that their new paper bags are made in China.</span></p> <p><span>Woolworths has also faced criticism over its decision to drop Aussie owned and made Farmers Co Peanut Butter from stores due to a “sustained period of underperforming sales”.</span></p> <p><span>There’s also a petition calling on all supermarkets to introduce an “Australian-made” aisle in their stores.</span><br /><span>Banducci has welcomed the calls for clearer signage on Australian-made products, saying “it’s a challenge we’re up for”.</span></p> <p><span>“As we start to recover from COVID, we understand how important it is to support Australian businesses and in turn our communities,” wrote Banducci in a recent email to customers.</span></p> <p><span>“That’s why, to support Australian dairy farmers, this week we announced that we will extend our existing dairy contribution payments for Woolworths branded two and three litre fresh own brand milk varieties until June 2021.</span></p> <p><span>“This extension is expected to contribute more than $30 million to dairy farmers, on top of the almost $50 million we, together with you, our customers, have already contributed. Thank you for your continued support for this key initiative.</span></p> <p><span>“This is in addition to our commitment to an Australian-first sourcing policy for fruit, vegetables and meat and supporting local products where possible.</span></p> <p><span>“We have also heard your feedback on how to make identifying Australian products easier when you’re shopping – it’s a challenge we’re up for and one we are working on.”</span></p> <p><span>Last week, the supermarket also announced it was looking to find a local manufacturer in Australia who could produce its new paper bags following the “Made in China” backlash.</span></p>

Food & Wine

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“Horrific”: 13th resident at Newmarch House dies from COVID-19

<p>Another resident has died at the Newmarch House aged care facility in Western Sydney after contracting coronavirus. The pandemic death toll at the facility now stands at 13 after a staff member caused an outbreak and worked six shifts despite having mild coronavirus symptoms.</p> <p>The outbreak started three weeks ago and since then, there are now 59 confirmed cases at the facility in Caddens, with 37 residents and 22 staff testing positive.</p> <p>Anglicare, the centre’s operator, had a spokesperson confirm that the resident passed away yesterday afternoon and said that the new cases might be “historical transmissions”.</p> <p>"This is a time of great grief for the family and we want to extend our deepest sympathies," Anglicare said in a statement.</p> <p>"The coronavirus has had a devastating impact on all our residents and families."</p> <p>"We will be investigating further how this has occurred."</p> <p>Premier Gladys Berejiklian told the<span> </span><em><a rel="noopener noreferrer" href="https://www.abc.net.au/news/2020-05-01/thirteenth-newmarch-house-resident-dies-of-coronavirus/12202592" target="_blank">ABC</a></em><span> </span>that the situation at Newmarch House is “horrific” and has called for the Federal Government to intervene.</p> <p>"The Federal Government [has] involved the Aged Care Assurance Advocacy Association to deal with the matter," she said.</p> <p>"Because what's happening there isn't acceptable and unfortunately you do notice a difference in the way people who run these aged care homes across the nation are dealing with the issue.</p> <p>"This particular operator has been left wanting on a number of levels."</p> <p>Anglicare CEO Grant Millard previously told the ABC that the aged care home had become a “pseudo hospital” since the beginning of the outbreak and explained that staff were doing it tough by undertaking 12 hour shifts in full personal protective equipment.</p> <p>"What a brave, courageous group of people," he said.</p> <p>Anglicare has also faced extreme backlash about a lack of communication with families, with many claiming that the phones were hardly ever answered.</p> <p>Mr Millard said these criticisms were "to an extent … true".</p> <p>"We have been under extreme pressure."</p>

Caring

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Russell Crowe pushes unlikely candidate for League CEO

<p>South Sydney owner Russell Crowe is urging NRL executives to consider ex-Rabbitoh Shane Richardson as the next chief executive.</p> <p>The sport star was not tipped to be on the initial list of likely candidates to replace Todd Greenberg after he left the Rabbitohs last month, however he has had experience in working for the league when he filled in for the role as head of strategy and game development in 2015.</p> <p>Richardson also has 20 years of experience being an administrator, along with stints at Cronulla and Penrith. “There’s no better candidate available for the job. Simple fact,” Crowe explained to <em>The Daily Telegraph.</em></p> <p>“None of the other candidates can match his time in the sport. His bloodlines go right through the game – NSW and Queensland.”</p> <p>The Australian actor went on to push for the NRL to have a rugby league person in the top position.</p> <p>Richardson is so far the only high-profile star to leave the game during the coronavirus hiatus, claiming he walked away to save money for the Rabbitohs.</p> <p>However, there is suspicion as to why he split the game and the former NSW State of Origin half Braith Anasta criticised Richardson’s exit.</p> <p>He went on to criticise whether the Rabbitoh’s supremo had taken a pay out and on Tuesday said there were many not supportive of his exit.</p> <p>“We all know what I thought of Shane’s exit from Souths,” Anasta told Fox League Live.</p> <p>“At the time he didn’t answer that question – if he had a job lined up at the NRL … which meant he was going for it.</p> <p>“Shane has a lot of enemies in the game, and I know that just from the feedback I received after I spoke about his exit at Souths. I just can’t see it working.”</p> <p>Stand-in chief executive Andrew Abdo continued to be the front runner to keep the job, while Souths CEO Blake Solly has already said he is not interested.</p> <p> </p>

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“Not enough”: Allison Langdon takes a swipe at childcare centre CEO over toddler’s death

<p><em><span>Today</span></em><span>’s Allison Langdon has confronted the CEO of a day care centre accused of leaving a toddler to die on one of its buses in 34C heat.</span></p> <p><span>Last month, a three-year-old boy <a href="https://www.oversixty.com.au/lifestyle/family-pets/we-don-t-know-what-happened-boy-three-dies-in-daycare-van">died after being left on a minibus</a> parked about 1.7km from Goodstart Early Learning childcare centre in the southern Cairns suburb of Edmonton. Temperatures on the day reached 34C.</span></p> <p><span>The childcare firm’s chief executive officer Julia Davison appeared on <em>Today </em>Tuesday morning after the company announced it would resume bus services to transport children to and from its centres.</span></p> <p><span>Davison said the company had apologised and remained in contact with the child’s family. </span></p> <p><span>When asked how parents can be reassured of their children’s safety under her care, she said full details of the Cairns incident were still being investigated.</span></p> <p><span>“What we do know is we have had a handful of bus incidents over the years here at Goodstart,” she said.</span></p> <p><span>“Every time we’ve had an incident, we’ve taken stock and we’ve reviewed and strengthened our policies and procedures.”</span></p> <p><span>Langdon responded, “We appreciate your turning out and talking to us today, but whatever you’re doing isn’t enough. A little boy is dead.”</span></p> <p><span>Co-host Karl Stefanovic added, “I don’t know how as a parent I would ever allow my child to go on your bus.”</span></p> <p><span>The childcare centre’s manager Michael Glen Lewis and childcare worker Dionne Grills were last week charged with manslaughter over the boy’s death. </span></p> <p><span>The Cairns Magistrates Court heard that Lewis and Grills allegedly picked up the boy from his home but <a href="https://www.abc.net.au/news/2020-02-26/toddler-died-childcare-centre-minibus-family-statement-thanks/12001614">failed to remove him from the bus when they arrived at the centre</a>.</span></p> <p><span>Prior to the February incident, the childcare franchise also saw a 14-month-old girl being left on one of its buses on the Gold Coast in 2018. The girl survived “<a href="https://www.abc.net.au/news/2020-02-26/toddler-died-childcare-centre-minibus-family-statement-thanks/12001614">despite enduring sweltering conditions for an hour</a>”, Shine Lawyers senior associate Susan Gandini said.</span></p>

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5 things CEOs always do before bed

<p><strong>Start tomorrow right – tonight!</strong></p> <p>Anyone who has ever had to help a child with a school project at midnight or found themselves binge-watching Netflix until the wee hours of the morning knows that what you do at bedtime can have a huge impact on how the next day goes. Getting enough sleep is one of the best things you can do for your health, yet for too many of us, sleep is the first thing that’s sacrificed when life gets crazy. The second thing to go? Good bedtime habits. Even CEOs have to fight this temptation, but some of them have figured out how to do it successfully and consistently. We asked them to share the surprisingly simple night time tricks that help them have a happy, productive day.</p> <p><strong>Set an alarm for bedtime instead of wake time</strong></p> <p>Half the battle of getting a good night’s sleep is getting yourself to bed on time. Douglas Smith, CEO of True Nutrition, has discovered a great hack for making sure he’s consistent with his bedtime. “Most people set an alarm for waking up, but I’ve discovered it should be the other way around,” he says. “I set my alarm for 30 minutes before I should be in bed, and I stick to it. This helps me get to sleep at the same time every night. Once my body adjusted to it, I’ve found that I sleep better and I don’t even need an alarm to wake up. I wake up on my own, feeling well-rested.”</p> <p><strong>Use a light-filtering app</strong></p> <p>Blue light from screens interferes with your natural circadian rhythms, tricking your brain into thinking it’s morning instead of bedtime. Jason McCarthy, CEO of DigiNo, combats this by using apps that moderate the light from device screens. “I use the F.lux app. It gradually decreases the brightness and white light from the screen as bedtime draws closer,” he says. “This leads to much healthier and easier sleep. Plus, it reminds me not to keep working too late!”</p> <p><strong>Sip some vinegar and honey</strong></p> <p>Have trouble falling asleep? McCarthy swears by this bedtime tip courtesy of Tim Ferriss’ <em>The 4-Hour Workweek</em>. “He recommends drinking hot water with a spoonful of organic apple cider vinegar and natural honey as a sleep aid,” McCarthy explains. “No matter how busy my mind is from a stressful day at work, this drink manages to knock me out for a soothing sleep within 20 minutes. And it tastes better than you think it will!”</p> <p><strong>Utilise a “mail butler”</strong></p> <p>Managing email can feel like a full-time job for anyone, CEO or otherwise. And going to bed with a full inbox can make it hard to sleep, thanks to constant notifications or worries about missed items. This is why Billy Goldberg, CEO of the Buckeye Group, swears by Mailbutler, an extension for your email that automates certain tasks. “After dinner but before bedtime, I tidy up my inbox and get it down to zero. I use Mailbutler to ‘snooze’ emails and remind me of them at a set time in the future when I’ll need the information or need to follow up with someone,” he explains. “I use the extra time to hang out with my teenage daughters if they are into me at that moment.”</p> <p><strong>Have a nutritious bedtime snack</strong></p> <p>It’s hard to sleep if your stomach is grumbling, but a full tummy can also cause insomnia. In fact, overeating is one of the common mistakes insomniacs make. For Goldberg, the perfect compromise is a small snack high in fibre and healthy fats. “This may sound strange, but eating a spoonful of almond butter right before bed is the key to getting a good night’s sleep,” Goldberg says. “I wake up energised, and my blood sugar is maintained. Honestly, it’s been a game-changer for me!”</p> <p><strong>Pack a gym bag</strong></p> <p>Exercise can help improve your mood, increase your energy and even make you more creative, helping to set you up for a productive day. The only downside is that it can be hard to remember all of that when you’re dragging yourself out of a warm bed before the sun’s even up. For Joyce Shulman, CEO of Macaroni Kid, the trick is to prep the night before. “I set out my clothes for my morning workout in the bathroom, so when I get up at 5 am., I have no decisions to make – I just do it,” she says. “I also set up my coffee the night before because, well, coffee.”</p> <p><em>Written by Charlotte Hilton Anderson. This article first appeared in<a href="https://www.readersdigest.com.au/healthsmart/conditions/sleep/16-things-ceos-always-do-before-bed?slide=all"> Reader’s Digest</a>. For more of what you love from the world’s best-loved magazine, </em><a href="http://readersdigest.innovations.com.au/c/readersdigestemailsubscribe?utm_source=over60&amp;utm_medium=articles&amp;utm_campaign=RDSUB&amp;keycode=WRA87V"><em>here’s our best subscription offer.</em></a></p>

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Woman named as highest paid CEO in Australia for first time ever

<p>A woman has been named the highest paid CEO in Australia for the first time in history.</p> <p>57-year-old Macquarie Group Chief Executive Shemara Wikramanayake earned a staggering $18 million throughout the last financial year.</p> <p>The former corporate lawyer earned $5 million more than the next corporate boss and is just one of four women to make the top 50 in OpenDirector's annual CEO pay report for the<span> </span><em><a href="https://www.afr.com/">Australian Financial Review</a>. </em></p> <p>Wikramanayake is the daughter of Sri Lankan migrant and earned a base salary of $722,000 - however it was her remuneration package that swelled with performance bonuses and share options.</p> <p>Shockingly, the big boss earns over $346,000 a week which is more than 211 times the average Australian full-time worker's $85,000 salary.</p> <p>Not only is she the highest earning female in Australian history, she was also made the Macquarie Group’s first-ever female managing director last year.</p> <p>She was first hired in 1987 and had previously worked for the company in nine cities across the globe.</p> <p>The three other to make the top 50 list included Coca-Cola Amatil CEO Alison Watkins, who raked in $4.1million, Mirvac Group's Susan Lloyd-Hurwitz on $4.8million and Fortescue Metals boss Elizabeth Gaines on $5million.</p> <p>In 2019 the 57-year-old was also named one of Fortune's 'Most Powerful Women' for her work on climate change and role with the World Bank's Global Commission on Adaptation.</p>

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