Here's how Australia Post was able to conceal its CEO's whopping pay packet

Australia Post Managing Director and Group CEO, Ahmed Fahour. Photo: Supplied.

Australia Post and other government businesses have been able to withhold senior executives’ pay from their annual reports thanks to rules introduced by the Abbott government in 2015.

According to the Sydney Morning Herald, the “Public Governance, Performance and Accountability (Financial Reporting) Rule” held Australia Post to minimum requirements for the disclosure of the remuneration of those in senior positions.

“The intention of this note is to report the cost to the Commonwealth of employing senior management personnel for the reporting period, as opposed to reporting the individual benefits received by those persons,” the rule reads.

Since then government entities such as the CSIRO, the SBS and the ABC have taken advantage of the Coalition’s rules and concealed information about how much senior executives and directors earn.

Over the weekend the Turnbull government announced a crackdown on executive pay within government-owed businesses.

The government has written to several groups including Australia Post, the Future Fund and Australian Submarine Corporation demanding disclosure for 2015-16 by February 28.

Earlier this month it was revealed that half of Australia Post’s $36 million profit last year went to just six executives, including managing director and group CEO Ahmed Fahour, who banked $5.6 million.

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