Busy Ex-premier Is Now Bracksy The Banker Too

The Age

Saturday February 23, 2008

Leon Gettler

FORMER premier Steve Bracks has landed another plum job, joining the National Australia Bank as an executive.

NAB has announced that Mr Bracks will join Australia's second biggest bank as an executive adviser to its chief executive, John Stewart.

Starting his new, part-time job this month, Mr Bracks will provide advice on such issues as the bank's leadership, and policy areas including education, and corporate social responsibility.

He will also advise NAB's wholesale markets division, NAB Capital, on the issue of climate change. And he will play a role in the bank celebrating its 150th anniversary.

NAB spokesman Brandon Phillips said Mr Bracks' pay was confidential.

"We are paying him as an adviser and the payment is commensurate with those things," Mr Phillips said.

But an industry source estimated the part-time position would earn the former premier between $80,000 and $100,000 a year.

This is believed to be the amount he is getting for another job, a one-day-a-week gig with accountancy giant KPMG as a senior adviser and advisory board member.

The money comes on top of his publicly funded $120,000 yearly parliamentary pension.

Indeed, the NAB job is one of several that Mr Bracks has landed since he quit as premier in July, citing a desire to spend more time with his family.

Mr Bracks is also advising East Timorese Prime Minister Xanana Gusmao and has taken appointments with insurance company Jardine Lloyd Thompson, the AIMS Financial Group and the University of Melbourne.

While Mr Bracks was condemned by the Opposition and former Premier John Cain for joining KPMG when the accounting firm held so many government contracts, NAB stressed he would play no role in the bank's relations with state and federal governments.

"We have a very strong government relations department, we are not looking for this type of input," Mr Phillips said.

"It is more around policy areas in which Steve has good networks and good ideas."

© 2008 The Age

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