As a union leader representing Qantas engineers, it's been interesting to watch the public reaction to Qantas chief executive, Alan Joyce, receiving $24 million in one calendar year to run our nation's biggest airline.

Whether it be Qantas, or any large company that employs Australians, anger at growing executive wages seems to be met with a standard response – you need to pay these rates to attract the best people. But are they worth it? A review of the performance of Qantas over time may break down some of the misconceptions shared by those defending their own salary packages.

Qantas chief executive Alan Joyce. Credit:Alex Ellinghausen

Former Qantas chief executive Geoff Dixon handed the reins to Joyce in November 2008. In eight years at the helm, Dixon had never delivered a loss and made a total net profit for Qantas of $4.8 billion. Dixon steered the airline through the SARS crisis, September 11, fallout from the Ansett collapse, the highest-ever oil prices, a lower average Australian dollar (a key figure for the purchase of aviation fuel and new aircraft) and the start of the global financial crisis. For his efforts Dixon received a total of $46 million.

Eleven years ago I was ushered into a room by Dixon, with him telling me there was someone he wanted me to meet. "Steve, this is Alan Joyce, he will be taking over the Qantas Group CEO role from me very shortly when I retire."