ANZ boss Mike Smith has frozen his annual salary at more than $10 million.

He has also joined a chorus of people saying at $245 a week, the unemployment benefit is high enough and should not be lifted.

Mr Smith reportedly said the welfare net doesn't provide an incentive for people to move and find work elsewhere.

ANZ told Today Tonight the comments were made after a speech to West Australian businessmen on labour mobility, pointing out Mr Smith was not advocating a cut to the dole.

• Dole debate
• Australia's biggest pay rise
• Centrelink's tough stance

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