Ex RBA governor hits on 'scandalous' salaries

Bernie Fraser, the former governor of the Reserve Bank of Australia, has taken a swipe at executive pay levels.

Mr Fraser, who headed the RBA between 1989 and 1996, is chairman of superannuation funds bank Members Equity (ME). He said chief executives were being paid "scandalous" salaries while customer service was being downgraded.

He said there was a belief that banks cannot be customer orientated while at the same time remaining profitable.

"This is the sort of one dimensional way of thinking

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