INDEPENDENT NEWS

Housing NZ Salaries Soar As Profits Plummet

Published: Thu 12 Oct 2000 04:32 PM
Housing New Zealand's plummeting profit and its renewed social housing focus as prescribed by the Government has been accompanied by increases to salary packages for senior staff, said Act Housing Spokesman, Dr Muriel Newman.
The HNZ report released today shows that while after-tax profits fell by a third to $78 million for the year to the end of June there were some sizeable remuneration increases to HNZ employees earning over $100,000.
Page 38 of the annual report shows that in June 1999, there were 30 employees earning over $100,000; in June 2000 there were 36.
"The jump in the number of HNZ employees earning in excess of $180,000 is even more remarkable. In 1999, just four employees earned more than $180,000. This year, with the return to a social focus, the number of employees receiving more than $180,000 has nearly tripled to 11.
"The total amount paid to employees earning more than $100,000 has jumped by 22% from $4.3 million in 1999 to $5.3 million.
“There may be a return to income-related rents for tenants, but what are the incomes of these HNZ employees related to?
"The Government has produced endless rhetoric over largesse and high salaries, yet presides over sizeable salary increases for executives charged with delivering programmes. There is a certain double standard at play," said Dr Newman.
“The rest of us dig deep and keep paying our taxes.”
ENDS
For more information visit ACT online at http://www.act.org.nz or contact the ACT Parliamentary Office at act@parliament.govt.nz.

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