Woolworths CEO salary: where it sits on the Australian salary index
See how the Woolworths CEO salary compares to the national line on the Australian salary index, using public figures from Senate inquiries and company reports.
The Woolworths CEO salary has ranged from $3.9 million to over $10 million in recent years, placing it far above the national index of 100 (full-time adult ordinary-time earnings of $108,352).
What does 'Woolworths CEO salary' mean on the Australian salary index?
When you search for woolworths ceo salary, you are likely trying to understand how much the top executive at one of Australia's largest retailers earns, and how that compares to what ordinary workers take home. The Australian salary index, published by [Salary Index]( measures gross annual earnings against the national line of 100 – which represents full-time adult ordinary-time earnings of $108,352 per year (based on ABS Average Weekly Earnings, May 2026).
Where the Woolworths CEO salary sits on the index
Public figures from Senate inquiries and company reports show that the Woolworths CEO salary has varied significantly in recent years. In FY2023, then-CEO Brad Banducci received total remuneration of $8.6 million, according to evidence given to the Senate inquiry into supermarket prices. That figure includes base salary, short-term and long-term bonuses. On the salary index, $8.6 million annualised gives an index of approximately 7,940 – meaning the CEO earns about 79 times the national benchmark.
However, the base salary alone is much lower. Banducci's base was $2.6 million in FY2023, which would index at around 2,400. The difference highlights how heavily CEO pay relies on performance bonuses and equity. In FY2022, Banducci's realised pay – including vested stock – was $10.6 million, according to the Australian Council of Superannuation Investors, placing him 11th among Australian CEOs.
How the figures have changed over time
A parliamentary letter from Woolworths in 2018 clarified that then-CEO Brad Banducci earned total cash of $3.9 million in FY2018 ($2.5 million base plus $1.4 million short-term incentive). That was actually 7.1% less than the previous CEO Grant O'Brien earned in FY2013 ($4.2 million). The letter corrected a senator's claim of a 62% increase.
More recently, Woolworths appointed Leah Weckert as CEO in 2023. Her total compensation for FY2022-23 was $3.3 million, reflecting a partial year. It remains to be seen how her full-year pay will compare.
Context: CEO pay and market power
Economists from the University of Queensland, in a submission to the federal Better Competition, Better Prices inquiry, argued that market dominance allows large companies to charge higher prices and CEOs to raise their own salaries. Research cited in the submission found that 57.8% of CEO pay growth is attributable solely to market power. The ABC reported that a 1% increase in mark-ups is linked to a 1.7% decrease in innovation spending.
This matters for the salary index because it shows that top executive pay is not simply a reflection of individual performance, but also of industry structure. The industries page on Salary Index shows that retail trade as a whole indexes at 75.9 – well below the national average. Yet the Woolworths CEO earns many multiples of that, illustrating the gap between executive and worker pay within the same company.
How the index helps you compare
The salary index is a simple tool: divide the annual gross salary by the national line ($108,352) and multiply by 100. For example, a retail worker on the award rate of $26.44 per hour (national minimum wage from July 2026) earns about $52,255 per year, indexing at 48.2. The Woolworths CEO at $8.6 million indexes at 7,940. This stark comparison helps put executive pay in perspective.
You can also compare across states and industries using the states and industries pages. For instance, the average worker in retail trade indexes at 75.9, while in mining it's 154.7. The Woolworths CEO salary far exceeds even the highest industry average.
What about tax and super?
CEO salaries are subject to the same tax brackets as other workers, though at the top marginal rate of 45% plus 2% Medicare levy. The super guarantee of 12% applies up to the maximum contribution base of $270,830 (2026–27). For a CEO earning $8.6 million, the super component is capped, and most of the pay is salary and bonuses taxed at the highest rate. However, much of the realised pay may come from stock options, which are taxed differently.
Why the Woolworths CEO salary matters
Understanding the woolworths ceo salary is not just about one person's pay cheque. It reflects broader trends in income inequality, corporate governance, and the link between market power and executive compensation. The topics page on Salary Index explores these themes further.
For a deeper dive into how pay is structured across different roles, see the pay guides section. And to understand the methodology behind the index, visit how the index works.
The bottom line
The Woolworths CEO salary – whether $3.9 million, $8.6 million, or $10.6 million – sits far above the national salary index of 100. It highlights the enormous gap between top executives and the workers who stock shelves and serve customers. While the base salary is substantial, the real money comes from bonuses and equity, which can push the index into the thousands. As the debate over CEO pay continues, the salary index provides a clear, comparable measure for anyone wanting to see where these figures truly stand.
Questions people ask
What is the current Woolworths CEO salary?
As of the most recent public data, Woolworths CEO Leah Weckert received $3.3 million in FY2022-23 (her first year). Previous CEO Brad Banducci earned $8.6 million total in FY2023, including bonuses. The base salary for the CEO role is typically around $2.5–2.6 million.
How does the Woolworths CEO salary compare to the Australian average?
The national salary index sets 100 as full-time adult ordinary-time earnings, annualised at $108,352. A CEO earning $8.6 million would have an index of about 7,940 – meaning they earn nearly 80 times the average full-time worker. The average Australian CEO now earns 55 times the typical worker.
Is the Woolworths CEO salary set by an award or enterprise agreement?
No. CEO salaries are not covered by modern awards or the National Minimum Wage. They are determined by the company's board and remuneration committee, often with shareholder oversight. The Fair Work Act does not cap executive pay, though the Workplace Gender Equality Agency reports on gender pay gaps at executive levels.