Last financial year, Australia Post Managing Director Graeme John and his six Executive 'bodyguards' took home more than $2.5million in cash bonuses.

This was in addition to combined base salaries of more than $4.2million and combined total remuneration at a whopping $8.1million.

Australia Post employees have heard over and over again of the impact, particularly on mail volumes, the global financial crisis is having on the business.

Could we be in a situation where due to the global financial crisis, Australia Post's management representatives see a real risk to Executive cash bonus rates this year?

When questioned by Labor Senator Catrina Bilyk during May 2009's Senate Standing Legislation Committee on the Environment, Communications and the Arts, Australia Post admitted to the Senate Estimates committee that the consolidation of the Customer Contact Centre Network would  provide an annual saving to the corporation of $6.8million.

We think Senator Bilyk got it right when she responded words to the effect that a proportion of that saving will "go to that nice $1million bonus" referring to Managing Director Graeme John's cash bonus of $1,064,560 last financial year. This is especially the case with Australia Post's second 'shock' admittance that a full time team is employed by the corporation dedicated to identifying opportunities to cut costs and save money during these trying times.

We think it's fair to say that Mr John and his Executive bodyguards are hoping to celebrate 200 years with another $2.5million cash bonus bill - and the Customer Contact Centre certainly fits that bill.

Australia Post MD & Executive Remuneration 2007/2008 Financial Year