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The size of the cuts in bonus feels low in absolute terms (800K AUD across all the execs in total), but it is better accountability than any organization in America when it comes to breaches.
Incorrect title. Article states "the Australian carrier says it is cutting the executive bonuses by 15% for the fiscal year." That is not 15% of pay. That is 15% of bonuses, which do not represent all pay.
when you're making 6 million a year, a 250k cut is inconsequential

my guess is they're doing this to make people feel like they're taking accountability

The correct response is not to cut executive pay, it's to dramatically increase SWE/Secops/Devops pay and stop outsourcing everything.
The total executive pay cut is less than 10c per affected customer.

Their pay rise for the year is greater than the cut.

In other words, they gave themselves a smaller bonus increase this year.

Not "no bonus".

Not "no bonus increase"

A smaller increase in the bonus.

The French chopped their aristocrats' heads off in an era of smaller income inequality than we're seeing in western countries today.