Chief Executive of ANZ Phil Chronican has expressed his confusion with Australia’s ongoing campaign against banks and the pay packages of their executives.

 

Mr Chronican defended the pay packages of his colleagues, saying they are deserving of them in much the same way as movie stars of athletes.

 

"We seem happy and even proud when our sportspeople make it onto the list of the top 20 paid people, or similarly when our entertainers make it on Hollywood's best paid list," Mr Chronican said at a lunch hosted at the American Chamber of Commerce in Australia.

 

"Yet for some reason when people are managing large complex businesses it (remuneration) is seen as excessive."

 

Mr Chronican said the innate complexities of large businesses warranted the pay packages of its leaders, adding that attractive remuneration packages attracted the best executives, which in turn yielded the best results for shareholders.

 

He accused the public of partaking in the emerging pastime of bank bashing, saying that the quality of public education on the issue is woefully inadequate.