Analysis by the Australian Council of Superannuation Investors (ACSI) shows News Corp chief executive Robert Thomson earned nearly A$42 million in 2024, making him the highest-paid CEO among companies listed on the Australian Securities Exchange (ASX). Thomson’s pay package rose by about A$300,000 from the previous year, overtaking jewellery retailer Lovisa’s former top earner and Macquarie Group’s Shemara Wikramanayake.
CEO Pay vs. Average Worker Earnings
– Average ASX-Listed CEO Pay: A$5.7 million
– Average Australian Worker Pay Rise (2023–24): 4.6%
– Average ASX CEO Pay Rise (2023–24): ~14%
Despite a decade-long decline from a 70 times multiple in 2014, CEOs still earn on average 55 times more than the typical Australian worker, whose wages have grown nearly one-third in that period. ACSI’s executive manager of stewardship, Ed Johns, noted that Australia’s executive pay growth has remained more restrained compared with the UK and the United States.
Lovisa and Macquarie Among Top Earners
Lovisa’s departing chief executive Victor Herrero received A$39.5 million in 2024, putting the jewellery retailer in second place, despite its smaller size compared to over 140 ASX–listed firms. Macquarie Group’s Shemara Wikramanayake claimed third spot with A$29.8 million, and would top the list if only ASX 100 companies were considered.
Foreign-Listed CEOs Draw Higher Pay
The ACSI report finds that CEOs of foreign-based ASX 200 companies out–earn their domestic counterparts by about A$600,000 on average, reflecting North American compensation practices. Two US firms—News Corp and ResMed—feature among the top five, and three more US-based businesses appear in the top 20 pay rankings.
Investor Oversight and “Egregious” Bonuses
ACSI analysts warn that Australia’s relatively disciplined CEO pay environment could loosen if investor scrutiny wanes. Boards have faced pushback over large pay proposals at firms including Qantas, Woolworths, and AMP. Johns commented, “We’ll be watching closely in the upcoming reporting season to ensure pay remains in line with performance and investor expectations.”
International Comparisons
– Top 100 US Companies: CEOs earn 348 times the median employee salary (Equilar)
– Top 100 UK Companies: CEOs earn 78 times the median employee salary (High Pay Centre)
Policy Implications and Future Watchlist
The widening disparity between executive and worker pay has prompted calls for continued vigilance from institutional investors and regulators. ACSI stresses the need for transparency in remuneration approvals and alignment between pay outcomes and company performance, warning that excessive bonuses could spark further pay inflation.
Methodology and Data Sources
ACSI’s analysis draws on publicly reported pay data for ASX-listed companies’ 2023–24 financial year, average worker earnings from the Australian Bureau of Statistics, and comparative pay ratios sourced from international research firms.
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