REX announces record profit
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REX announces record profit
http://www.asx.com.au/asxpdf/2010082...w627b9tj6p.pdf
And if you think you're going to get a payrise because of the record result, think again.
So in other words, they know you're going to leave the moment you get a better offer, but they don't give a ****!
And if you think you're going to get a payrise because of the record result, think again.
Pilot attrition to be on the increase but cadet programme will mitigate effects.
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I absolutely admire Regional Express. It has survived the recent economic downturn, it has very very good OTP, very low cancellation rates and provides an excellent product / service to their customers. It's recent profit is a testament to the management and all staff. Majors could learn a lot from this business.
Well done Rex and all staff. This is not the time to whinge and whine… This result is nothing but highly positive in a difficult market
Well done Rex and all staff. This is not the time to whinge and whine… This result is nothing but highly positive in a difficult market
Rubbish, dont forget for one second that Rex made a big profit partly because they pay their staff very poorly.
They could afford to look after their biggest assets a little better I would have thought.
They could afford to look after their biggest assets a little better I would have thought.
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good company but bad owner/directors and managers
and dont forget Lim Kim's response to why he doesnt want to pay proper wages:
"you go fly big shiny jet for 200 000 dollar........ your potential to earn that"
Rex has potential to be a great company but chooses to not support the crew at the coal face who make them all this "profit"......
If a company dont pay you well, they dont respect you. Simple.
http://resources.news.com.au/files/2...be-earning.pdf
You have to ask yourself why most of the senior pilots/captains are leaving..... even qantaslink pay at least 10k higher base salary; And there training salary is higher than Rex's first year f/o wage (if u can call it a wage...... rex f/o wage 42k).
I dont care about flying a jet I care about lifestyle and a professional wage that compares with the hard work I have done and continue to do with the personal sacrifices I make for it. It just happens that jet jobs get more money and a possible lifestyle benefit as well thats why people go.
Dont kid yourself, this profit was made from the sweat of hard working professionals that were cut down at the onset of the GFC using scare tactics and the like to accept average wages only to have this record profit share go to the board of directors and senior managers as "tax free dividends".......
"you go fly big shiny jet for 200 000 dollar........ your potential to earn that"
Rex has potential to be a great company but chooses to not support the crew at the coal face who make them all this "profit"......
If a company dont pay you well, they dont respect you. Simple.
http://resources.news.com.au/files/2...be-earning.pdf
You have to ask yourself why most of the senior pilots/captains are leaving..... even qantaslink pay at least 10k higher base salary; And there training salary is higher than Rex's first year f/o wage (if u can call it a wage...... rex f/o wage 42k).
I dont care about flying a jet I care about lifestyle and a professional wage that compares with the hard work I have done and continue to do with the personal sacrifices I make for it. It just happens that jet jobs get more money and a possible lifestyle benefit as well thats why people go.
Dont kid yourself, this profit was made from the sweat of hard working professionals that were cut down at the onset of the GFC using scare tactics and the like to accept average wages only to have this record profit share go to the board of directors and senior managers as "tax free dividends".......
I am not saying that the Rex management they aren't pricks and maybe they don't pay as much as other people, but if you can't work out that thy have achieved a good result then I never want you flying my wife and kids about.
However just like REX, no body cared, and everyone went out and bought more iPhones anyway
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However QLink do not have daily travel allowance so the Rex FO picks up an additional $5K-$10K in allowances, of which most is tax free. Interestingly at year ten salary rates, $57K for Rex and $62K for Qlink the allowances may mean the FO at rex earns more for long service.
I think that you will find that Qlink crew pick up CASH at the hotels as opposed to DTA 2 weeks late, and sometimes underpaid.
OK, they may NOT make AS much in allowances, but to say REX crew "earn" 5-10k more is not correct!
I think that you will find that Qlink crew pick up CASH at the hotels as opposed to DTA 2 weeks late, and sometimes underpaid.
Not to sure how Sunstate do it.
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Weird Australian Trend
From the days I used to study in Australia, I've always found it a strange place for wages. Wages for semi skilled and unskilled workers are among the highest in the world. I know people in call centres who can earn over $60k a year. A lot of my friends who graduated from uni and took up graduate jobs ended up taking an effective pay cut from the temporary jobs they used to hold when at uni.
To see that an FO with Rex can have a base pay of $46k considering a grad fresh out of uni with a liberal arts degree can get at least 10% more, is weird, to say the least.
In the rest of the world, the competition for skilled labour is tough and there is an oversupply of unskilled labour - resulting in skilled labour wages going through the roof and unskilled labour wages stagnating or declining.
In Australia though - it seems that the opposite is true. Good for equality and egalitarianism I suppose!
To see that an FO with Rex can have a base pay of $46k considering a grad fresh out of uni with a liberal arts degree can get at least 10% more, is weird, to say the least.
In the rest of the world, the competition for skilled labour is tough and there is an oversupply of unskilled labour - resulting in skilled labour wages going through the roof and unskilled labour wages stagnating or declining.
In Australia though - it seems that the opposite is true. Good for equality and egalitarianism I suppose!
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Hi Lester
Are you a stooge for Rex management? If I recall you had a lot to say about The RFDS winning the Air Amb contract and seem to know a lot about the internal bidding process. (Pelair a major bidder)
I have something to say about your averages on Rex fares , put them where the sun don't shine, Have you ever tryed to book a fare Syd -Mer you will be pleasantly surprised.( cheaper to fly the space shuttle there)
The Dog
Are you a stooge for Rex management? If I recall you had a lot to say about The RFDS winning the Air Amb contract and seem to know a lot about the internal bidding process. (Pelair a major bidder)
I have something to say about your averages on Rex fares , put them where the sun don't shine, Have you ever tryed to book a fare Syd -Mer you will be pleasantly surprised.( cheaper to fly the space shuttle there)
The Dog
Sorry 'Dog et'al, I'm going to stick up for Lester on this one!
Few on this forum have been less critical of REX management than me. In most things industrial that opinion hasn't changed. But you need to give credit where credit's due. After all this thread is about REX's annual result.
Sure, 90% of REX's routes are monopolies, but there's always been regulation to a large extent on intrastate services. LKH is a shrewd and quite often uncompromising businessman, but would you want anyone less running a company in such a difficult environment?
REX's astoundingly low debt/equity ratio didn't come about by accident, it was the result of the application of sound and fundamental fiscal mangement over a good number of years.
I whinge and moan about the T&C's as much as the next bloke, and I still believe that REX need to grasp the importance of retaining experienced crews, something that need not be mutually exclusive of a healthy bottom line. One thing they have given me and my family though, is a level of job security that frankly even the larger players are starting to look less than ideal on!
Few on this forum have been less critical of REX management than me. In most things industrial that opinion hasn't changed. But you need to give credit where credit's due. After all this thread is about REX's annual result.
Sure, 90% of REX's routes are monopolies, but there's always been regulation to a large extent on intrastate services. LKH is a shrewd and quite often uncompromising businessman, but would you want anyone less running a company in such a difficult environment?
REX's astoundingly low debt/equity ratio didn't come about by accident, it was the result of the application of sound and fundamental fiscal mangement over a good number of years.
I whinge and moan about the T&C's as much as the next bloke, and I still believe that REX need to grasp the importance of retaining experienced crews, something that need not be mutually exclusive of a healthy bottom line. One thing they have given me and my family though, is a level of job security that frankly even the larger players are starting to look less than ideal on!
You almost make it sound like an company worth working for Krusty. How many days off a month & how many hours a year are crew working for for this 42k?
The minimum base salary is $46K per year for a year 1 FO and if you were to work max hours you would make an additional $12k in DTA and $700 in leave loading making your actual gross at $58K. With call outs and extensions you could make over $60k.
A lot of the DTA is tax free and does not show on the group certificate.
Whether this is a good wage is up to the individual but don't quote the $42k rubbish as its very wrong.
You don't do yourself any service by talking the salary up, If it is $46K then it is $46K. DTA is based on what a Public Servant is paid. It is paid in lieu of meals, transport allowance and other allowances once included in the award before Howard. In any worthwhile industry, if you work through a meal period, you are paid an allowance. If you work on your day off you are paid. If you work longer that your original shift, you get compensation. When Nurses go for pay claims, do they ever mention the fact that they can salary sacrifice up wards of $15K on anything from housing loans to handbags? Of cause not but this is the equivalent to another 10K in salary. Including load leaving, superannuation etc. in your salary is cringe worthy, don't fall into the trap of talking up your wage.
Kelly,
The reason I have included this is the fact that all EBAs in Australia are different and the allowances included make a big difference.
The QLink EBA does not include leave loading it is factored into the base salary. QLink does not have DTA, meals are provided or claimed separately by the crew (except breakfast which should be paid automatically).
DTA adds a substancial amount to the base in the case of Rex so should be included if talking about what you will live on when working for the group.
Rex can also claim meals and accommodation allowances in certain circumstances.
Both operators allow salary sacrifice for items such as computers and vehicles.
Most of a Qantas pilots income is made up of allowances and an hourly rate of pay. It also means the harder you work the more you get paid rather than a flat rate for all work up to fatigue limits.
The reason I have included this is the fact that all EBAs in Australia are different and the allowances included make a big difference.
The QLink EBA does not include leave loading it is factored into the base salary. QLink does not have DTA, meals are provided or claimed separately by the crew (except breakfast which should be paid automatically).
DTA adds a substancial amount to the base in the case of Rex so should be included if talking about what you will live on when working for the group.
Rex can also claim meals and accommodation allowances in certain circumstances.
Both operators allow salary sacrifice for items such as computers and vehicles.
Most of a Qantas pilots income is made up of allowances and an hourly rate of pay. It also means the harder you work the more you get paid rather than a flat rate for all work up to fatigue limits.
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One thing I do know is VB just luurves Rex bowl of rice conditions. Word is their inductions are full of well trained young and older ex Rex staff ready to make above the average wage.
Keep it up Lim.
Keep it up Lim.
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the wage keeps getting "talked up". The fact is that DTA is a VARIABLE.... get it? So variables in essence should not really be relied on. 12k in DTA is not realistic and is false.
DTA $5.6 x max 45hrs per week (CAO 48: 90hrs per fortnight) x 46 = $11340
hmmm this never happens.
DTA $5.6 x average roster hours per month (125hrs - 140hrs) = $700 x (11months worked) = $7700 - $8624.. average earnings IN SYD only where your arse gets worked.... also note that 11 months was used which is only 4 weeks annual leave. So this DTA is not what you would get in any other port. This is also not taking into account sick leave.
so I dont know what the other guy who is talking up wages is thinking.... he is prob managment or a cadet still believing the bs forwarded to them???
no doubt managment have accounted for things like how many mints are on the aircraft... and other things.... so they have played a role in the profits achieved... good for them
all I can say is that the company and employee are mutually integrated, unfortunately one cant benefit without the other and if it does (in this case) then animosity develops.
I dont care that lim kim, JD or any other gets great big fat tax free dividends/bonus's.... if they work hard. but not at the expense of the people who bring you the reputation of safety, great service and reliabilty.
thats why pilots become managers and directors/chairmen etc because its always been the same, they screw the workers to get the bonus and profit... its the right side of the equation to be on.
I knew an accountant in NZ who changed career recently becaue all she used to do was look for anything in the business (at the ceo's/managers orders) to cut all fat from the operation. She realised that over the 6years she had done this that most occasions the long term effect had been detrimental and more of a hinderance to future smooth trouble free running of the operation.......Mind you, the ceo got there bonus's and spike in profit in the short term, but not at the expense of the whingers.... i ment workers.
DTA $5.6 x max 45hrs per week (CAO 48: 90hrs per fortnight) x 46 = $11340
hmmm this never happens.
DTA $5.6 x average roster hours per month (125hrs - 140hrs) = $700 x (11months worked) = $7700 - $8624.. average earnings IN SYD only where your arse gets worked.... also note that 11 months was used which is only 4 weeks annual leave. So this DTA is not what you would get in any other port. This is also not taking into account sick leave.
so I dont know what the other guy who is talking up wages is thinking.... he is prob managment or a cadet still believing the bs forwarded to them???
no doubt managment have accounted for things like how many mints are on the aircraft... and other things.... so they have played a role in the profits achieved... good for them
all I can say is that the company and employee are mutually integrated, unfortunately one cant benefit without the other and if it does (in this case) then animosity develops.
I dont care that lim kim, JD or any other gets great big fat tax free dividends/bonus's.... if they work hard. but not at the expense of the people who bring you the reputation of safety, great service and reliabilty.
thats why pilots become managers and directors/chairmen etc because its always been the same, they screw the workers to get the bonus and profit... its the right side of the equation to be on.
I knew an accountant in NZ who changed career recently becaue all she used to do was look for anything in the business (at the ceo's/managers orders) to cut all fat from the operation. She realised that over the 6years she had done this that most occasions the long term effect had been detrimental and more of a hinderance to future smooth trouble free running of the operation.......Mind you, the ceo got there bonus's and spike in profit in the short term, but not at the expense of the whingers.... i ment workers.
Jibba,
Not talking up the wage at all but offering reality, management know how much you earn, they pay it. So it does not help anyone by providing figures that are wrong like saying you only earn $42K per annum. If you were to make a public campaign about how low you are paid it will backfire as again it would be easy to prove you are paid at least $10K more a year.
I'am not saying the wage is adequate, thats for each individual person to make that decision.
DTA is paid per hour away from home base so includes the time you sleep on an overnight, not just actual duty hours.
So at max hours including two overnights a week (8 a roster cycle) you could easily be paid for 50 hours dta a week.
So 30 hours duty a week and an additional 10 hours per overnight sleeping equals 50 hours dta entitlement.
50 X 5.6 X 46 working weeks a year (you are entitled to six weeks leave)= $12880 DTA
At ports with less overnights you would get less DTA but it still would be a large addition to income and as stated in earlier comments the bracket of $5K-$10K additional is reasonable.
Not talking up the wage at all but offering reality, management know how much you earn, they pay it. So it does not help anyone by providing figures that are wrong like saying you only earn $42K per annum. If you were to make a public campaign about how low you are paid it will backfire as again it would be easy to prove you are paid at least $10K more a year.
I'am not saying the wage is adequate, thats for each individual person to make that decision.
DTA is paid per hour away from home base so includes the time you sleep on an overnight, not just actual duty hours.
So at max hours including two overnights a week (8 a roster cycle) you could easily be paid for 50 hours dta a week.
So 30 hours duty a week and an additional 10 hours per overnight sleeping equals 50 hours dta entitlement.
50 X 5.6 X 46 working weeks a year (you are entitled to six weeks leave)= $12880 DTA
At ports with less overnights you would get less DTA but it still would be a large addition to income and as stated in earlier comments the bracket of $5K-$10K additional is reasonable.
Last edited by 43Inches; 28th Aug 2010 at 09:19.
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ok interesting, but that DTA would only be for SYD ports. Not anywhere else because most other ports aint doing SYD hours.
Also, not being misleading, when i was an F/O at Rex it was 42k 1st year. So its changed..... so what 46k...... a bit better of course, but ask a labourer what there getting and start blushing. That was my point.
not the worst job but not the best pay either. My girlfriend gets 50k per year as a customer service agent. hmmmm no responsibility, weekends off, didnt spend 80k+ on a career............. ah no need to go on.... u get the point.
Also, not being misleading, when i was an F/O at Rex it was 42k 1st year. So its changed..... so what 46k...... a bit better of course, but ask a labourer what there getting and start blushing. That was my point.
not the worst job but not the best pay either. My girlfriend gets 50k per year as a customer service agent. hmmmm no responsibility, weekends off, didnt spend 80k+ on a career............. ah no need to go on.... u get the point.
and dont forget Lim Kim's response to why he doesnt want to pay proper wages:
"you go fly big shiny jet for 200 000 dollar........ your potential to earn that"
Rex has potential to be a great company but chooses to not support the crew at the coal face who make them all this "profit"......
If a company dont pay you well, they dont respect you. Simple.
http://resources.news.com.au/files/2...be-earning.pdf
You have to ask yourself why most of the senior pilots/captains are leaving..... even qantaslink pay at least 10k higher base salary; And there training salary is higher than Rex's first year f/o wage (if u can call it a wage...... rex f/o wage 42k).
I dont care about flying a jet I care about lifestyle and a professional wage that compares with the hard work I have done and continue to do with the personal sacrifices I make for it. It just happens that jet jobs get more money and a possible lifestyle benefit as well thats why people go.
Dont kid yourself, this profit was made from the sweat of hard working professionals that were cut down at the onset of the GFC using scare tactics and the like to accept average wages only to have this record profit share go to the board of directors and senior managers as "tax free dividends".......
"you go fly big shiny jet for 200 000 dollar........ your potential to earn that"
Rex has potential to be a great company but chooses to not support the crew at the coal face who make them all this "profit"......
If a company dont pay you well, they dont respect you. Simple.
http://resources.news.com.au/files/2...be-earning.pdf
You have to ask yourself why most of the senior pilots/captains are leaving..... even qantaslink pay at least 10k higher base salary; And there training salary is higher than Rex's first year f/o wage (if u can call it a wage...... rex f/o wage 42k).
I dont care about flying a jet I care about lifestyle and a professional wage that compares with the hard work I have done and continue to do with the personal sacrifices I make for it. It just happens that jet jobs get more money and a possible lifestyle benefit as well thats why people go.
Dont kid yourself, this profit was made from the sweat of hard working professionals that were cut down at the onset of the GFC using scare tactics and the like to accept average wages only to have this record profit share go to the board of directors and senior managers as "tax free dividends".......
