Daily Dispatches: Don't cap exec pay

Something to make senior bankers smile (quietly, to themselves). The head of an official inquiry into executive pay is wary of imposing pay caps, the option being championed by the unions. Productivity Commission chairman Gary Banks, who is advising the Federal Government on this contentious issue, said yesterday that most groups he had spoken to thought company boards should continue to set the pay of chief executives. The Australian Council of Trade Unions, by contrast, has called for the salaries to be capped at 10 times the average worker's pay. (Business Day)

KPMG tells high-flyer to fly back to Britain. (The Australian)

Not all gloom in financial recruitment. (Investor Daily)

Approval for new ANZ branch in China. (Herald Sun)

Has market bottomed out for fin planners? (Money Management)

Westpac sorry for security botch. (The Age)

Daily Dispatches is taking a long weekend. Back on Tuesday.