WESTPAC chief Gail Kelly received a total pay package of $9.6 million for last financial year - about $26,300 a day, the bank's latest annual report reveals.
But Mrs Kelly's salary, which includes a $2.27 million cash bonus, is slightly less than the previous year's $9.8 million. Even so, she remains one of the nation's highest-paid bank bosses, eclipsing rivals at Commonwealth Bank and National Australia Bank.
The bank recently announced a 5 per cent rise in its full-year cash profit to $6.6 billion, buoyed by a revitalised retail banking arm, tighter costs and a boost in markets-related trading income.
The profit rise has been good news for other top executives.
Westpac's second-highest paid executive was Rob Whitfield, its group executive, who received a total package of $4.43 million and cash bonus of $1.3 million.
Former ANZ banker Brian Hartzer, who joined Westpac as head of its Australian Financial Services at the end of July, took away a generous package of $3.8 million after only a few months in the job, although most of it is in the form of restricted shares that will vest over time.
The release of remuneration details follows last week's flagging by Mrs Kelly of more job cuts at the bank. ''I expect overall the numbers of staff to reduce next year, but probably not at quite the rate we had over the last few years,'' she said.
The bank has cut slightly more than 2000 full-time jobs in the past 12 months. More than 760 jobs were cut a year earlier.
Chairman Lindsay Maxsted also received a pay rise. He was paid $677,464 for the 2012 financial year, more than double his $300,345 pay of the year before.
Mr Maxsted said in the report that while conditions continued to be challenging he expected the bank to continue to deliver solid results.
Even with the slowing of the Australian economy on the back of ''challenging'' international conditions, the fundamentals here remained sound, Mr Maxsted said.
''Given Westpac's solid financial performance this year, good momentum across divisions and the further strengthening of the balance sheet, we remain well placed to continue delivering sound, high-quality returns for shareholders,'' he said.
Combined full-year cash profits for the four big banks of $25.2 billion, was up 4 per cent from the previous year.
This week National Australia Bank asked shareholders to vote on the awarding of almost $4 million of bonuses at its coming annual meeting. NAB's shareholders will vote on the granting of performance rights to CEO Cameron Clyne and the bank's director of finance. Details of Mr Clyne's remuneration will be released this month.