3 days ago
Australian television personalities face massive salary cuts as networks slash costs amid financial squeeze
Some of Australia's best-known TV personalities are bracing for major pay cuts as the nation's biggest networks prepare for sweeping budget reductions in a bid to curb ballooning costs.
Despite barely appearing on screen, several high-profile stars are cashing in six-figure salaries - with some earning more per minute of air time than the average Aussie makes in an entire month.
But all that is about to change.
Channel Seven, Nine, Ten and the ABC are now under pressure to implement drastic cost-saving measures as advertising revenue continues to plummet - triggering a major shake-up across their national newsrooms and on-air talent rosters, according to The Australian.
A senior Nine insider has confirmed that major contracts are under review, with executives being forced to justify every dollar spent amid pressure from stakeholders.
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Among the most high-profile names under scrutiny is veteran presenter Tracy Grimshaw, who has barely appeared on air since stepping down as host of A Current Affair in late 2022.
The 64-year-old TV legend has reportedly been on a rolling $500,000 contract ever since - half of her previous $1million salary - but has only appeared on screen once in the last six months.
Tracy's 16-minute interview with advertising mogul John Singleton translates to a staggering $16,000 per minute of broadcast time - prompting speculation within the network that Grimshaw's future contract is unlikely to be renewed under current terms.
While some argue that Tracy is Nine's most powerful interviewer, the optics for such a salary for such minimal output is raising red flags internally.
'It isn't simply a matter of saying "the bean counters have won" – the cost of every minute of television is being scrutinised because the company needs to justify every cent that is spent to shareholders,' the source said.
'The good old days of keeping people on the books with nothing to do so they don't end up on a rival network are over.'
Meanwhile, Karl Stefanovic - who reportedly earns $2.8million a year to front the Today show - is said to be lobbying for an extension to his lucrative contract.
But with bosses under the pump to tighten the belt, even Karl's future deal at the network may come with conditions.
Meanwhile, Karl Stefanovic - who reportedly earns $2.8million a year to front Today - is said to be lobbying for an extension to his lucrative contract
Meanwhile over at the ABC, Former 7.30 host Leigh Sales is believed to be earning close to $400,000 a year, despite stelling down from her role in mid-2022
Despite his salary, Karl is considered one of the more cost-effective stars on a per-minute basis.
With his weekday morning appearances, his pay averages out to $58 per minute, compared to co-host Sarah Abo.
Meanwhile, over at the ABC, Former 7.30 host Leigh Sales is believed to be earning close to $400,000 a year, despite stepping down from her role in mid-2022.
This year, Sales has only made one major-on air appearance - a 14-minute interview with ABC election analyst Antony Green - plus brief 30-second intros to episodes of Australian Story, amounting to roughly $8,000 per episode.
However, ABC bosses are said to be more relaxed about her deal.
