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Deloitte CEO “should not be paid seven times” more than Prime Minister

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The CEO of a prominent Australian consulting firm has openly acknowledged that his salary, which is seven times higher than that of the Prime Minister, was not commensurate with his position.

The committee had convened to investigate the integrity of consulting firms providing services to the federal government, prompted by the infamous “PwC tax scandal.” This scandal involved senior partners exploiting confidential government information to assist large multinational companies in evading tax payments.

Deloitte’s executives faced criticism from Senators Deborah O’Neill and Barbara Pocock for their lack of transparency regarding salaries and employee misconduct.

The committee requested an anonymized breakdown of the number of Deloitte employees earning over $1 million, but Chairman Tom Imbesi cited commercial sensitivities as the reason it could not be provided.

Eventually, CEO Adam Powick disclosed that the average base salary for a partner at Deloitte ranged between $500,000 and $600,000.

It had been publicly reported that Powick himself earned approximately $3.5 million, prompting Senator O’Neill to question whether he believed his salary was warranted in comparison to that of the Australian prime minister.

To this, Powick replied, “No,” emphasizing that he recognized the privilege of earning such a substantial amount for his role.

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Money

Federal Reserve lowers rates amid eased job market

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The Federal Reserve has cut interest rates by a quarter-point, bringing the benchmark rate to a range of 4.5% to 4.75%, as economic growth continues but job gains slow.

The Fed noted that labour market conditions have “generally eased,” even with low unemployment, signalling a more cautious approach amid a stable economic expansion.

The statement marks a shift in Fed language, now saying inflation has “made progress” toward the 2% goal instead of the prior “further progress.”

With inflation holding steady around 2.6%, policymakers aim to keep economic risks balanced, despite pressures from slower job growth.

This rate cut reflects a strategic move to sustain economic momentum while cautiously watching inflation’s gradual trend toward the Fed’s target.

The decision was unanimous, aligning Fed priorities with a balanced approach to support both employment and price stability.

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Trump victory sparks market surge as Wall Street soars

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Donald Trump’s election victory has sparked a massive rally in the stock market.

Banks and industrial companies led the surge as investors bet that Trump’s plans for deregulation and tax cuts will boost economic growth.

Shares of big banks, like JPMorgan and Goldman Sachs, soared as investors predicted fewer regulatory restrictions.

Meanwhile, industrial giants such as Caterpillar and steelmakers like Nucor also hit record highs, reflecting optimism about U.S. manufacturing.

In contrast, clean-energy stocks took a hit, as Trump’s policies are expected to favour traditional energy sectors.

This surge comes amid rising Treasury yields and falling gold prices as investors gain confidence in the transition to a Trump administration.

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Australian Treasurer and RBA chief clash over economy

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A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

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