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Confidence in the banking system has been trashed.
ANZ bank chief Mike Smith paid $9.7 MILLION for just three months' work - or 123 times the average Australian wage
- Mike Smith took home 'grand total remuneration' of $9,712,312 in 2016
- This included cash bonus of $2.4 million, termination pay of $1.35 million
- Paid huge sum for working just three months as CEO in financial year 2016
- Rewarded with $3.9 million in performance even though profit fell 18.3 %
- English-born banker has received $100 million from ANZ since 2007
By Stephen Johnson For Daily Mail Australia
Published: 12:09 +11:00, 8 November 2016 | Updated: 16:19 +11:00, 8 November 2016
Former ANZ bank chief executive Mike Smith took home $9.7 million, or 123 times an average Australian full-time annual salary, for doing just three months' work.
The English-born banker was paid $105,569 a day for turning up at his old Melbourne office from October 1 to December 31 last year before going on gardening leave for six months.
His 'grand total remuneration', which included a cash bonus of $2.4 million and termination benefits of $1.35 million, were outlined in ANZ's annual report for financial year 2016, released on Monday.
ANZ's annual report (pictured) has details of Mike Smith's sizable package on pages 52, 53
Mr Smith, a classic car enthusiast who has a fleet of Aston Martins, has pocketed almost $100 million since he took over as ANZ boss in October 2007, after a decade holding executive roles with the Hong Kong and Shanghai Banking Corporation.
His total remuneration package of $9.7 million is 123 times greater than the average full-time Australian salary, which stood at $78,832 in May 2016.
The resident of upmarket Toorak in Melbourne was paid an even more lavish $10.8 million during the 2015 financial year to run Australia's fourth biggest bank.
The 60-year-old London-educated banking veteran was generously remunerated even though ANZ's cash profit dived by 18 per cent, to $5.9 billion, in the year to September 30, 2016.
ANZ also shed 3,600 jobs, or 7 per cent of its workforce during that year. For most of that time, Mr Smith was on so-called 'gardening leave,' which means he was paid to stay at home until July 7.
He handed over to Shayne Elliott on January 1 this year. Mr Smith's successor, a former chief financial officer with the bank, was paid $5 million during the 2016 financial year.
Mr Elliott's direct competitors at the other major banks were even better remunerated. Commonwealth Bank chief executive Ian Narev, who was paid $12.3 million in the 2016 financial year, is due to face shareholders in Sydney on Wednesday.
Westpac CEO Brian Hartzer was paid $5.74 million in the 2015 financial year while his NAB counterpart Andrew Thorburn was remunerated $5.48 million during the same time period.
The bosses of smaller banks were also well paid in the 2016 financial year, with Bank of Queensland's Jon Sutton pocketing $3.09 million and Bendigo Bank's Mike Hirst taking $2.73 million.