TAXPAYER SUPPORT FOR BUSINESS MUST COME WITH OBLIGATION TO CUT EXECUTIVE PAY AND PROTECT JOBS

The vast majority of Australians believe that businesses that receive Government support during the economic downturn should be required to cut executive bonuses and retain local jobs, according to a new survey. The survey, conducted by Essential Research for the ACTU, found that nine out of 10 people agreed with the proposition that there should be an obligation on businesses receiving support to reduce executive bonuses and provide greater financial accountability. Australians are also suspicious of the motives of business during the downturn, with 84% believing that businesses will use the global financial crisis as an excuse to cut jobs. The poll was conducted before last week’s decisions by Pacific Brands, Lend Lease and Telstra to axe more than 2500 Australian jobs. continue reading