Officials have confirmed that Australia will ensure that the earnings and bonuses enjoyed by executives are at par with the community expectations, with the Government considering a report into executive pay scales. The announcement has been made by Treasurer Wayne Swan.

"We are committed to ensuring that executive pay regulation is in line with community expectations: Mr. Swan said.

As many as 17 recommendations were made today by the Government's advisory board, the Productivity Commission, in order to increase the transparency and accountability without having to impose any salary caps.

When deciding board committees' earnings, there should be number of independent directors involved, and there should be reports sent out to investors giving "plain English" descriptions of policies, as has been advised by the Commission.

The Australian Securities Exchange as well as the country's corporate regulator should be taking proper action for the implementation of the recommendations, with Corporate Law Minister Chris Bowen expecting a Government response before March.

"Chris Bowen should take a strong role in ensuring that changes from all of these agencies are forthcoming", Stuart Wilson, Chief Executive Officer of the Australian Shareholders Association, said.