Geoff Dixon, the chief executive officer of Qantas Airways Ltd., received 19 percent less pay from Australia's biggest airline last year.

Dixon earned A$5.3 million ($4 million) in the 12 months ended June 30 compared with A$6.5 million a year earlier, the Sydney-based company said in its annual report filed to the Australian Stock Exchange today.

He received A$2.02 million in salary plus a A$1.01 million bonus and the rest in stock and retirement benefits, according to the document. Chief Financial Officer Peter Gregg was the next highest paid executive with total remuneration of A$3.66 million, little changed from the previous year.

Dixon is leading a five-year cost-cutting program to trim A$3 billion in spending by fiscal 2008. He's cut jobs and moved discount carrier Jetstar, which is as much as 50 percent cheaper to run, onto international routes to help recover earnings from an estimated 40 percent rise in fuel costs this year.