Anthony Albanese receives a huge pay rise amid cost of living crisis
- Federal politicians received 3.5 per cent pay rise
- PM now takes home $607,5000
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Anthony Albanese will now take home $607,500 a year as he and other Federal politicians receive huge pay rises amid the cost of living crisis.
The Remuneration Tribunal, an independent body that sets the pay of federal politicians and bureaucrats, announced a 3.5 per cent pay rise that will come into effect on July 1.
The pay bump means the Prime Minister will now receive $607,471 a year, a boost from $586,929.
Opposition leader Peter Dutton received a $25,000 pay rise and now sits on a salary of $432,239.
Anthony Albanese will now take home $607,500 a year as he and other Federal politicians receive huge pay rises amid the cost of living crisis
MPs on the backbench will now earn $233,643 a year, while leader of the Greens, Adam Bandt, will take home $338,782.
In September last year, the tribunal issued a 4 per cent increase for all members of parliament.
It comes after the Fair Work Commission announced the minimum wage would be lifted by 3.75 per cent.
The tribunal said it recognised pay increases had been 'modest', by jumping 18.25 per cent since 2015.
By comparison in the public and private sectors, remuneration increases have totalled 24.4 per cent since 2015.
The tribunal said their focus was to 'provide competitive and equitable remuneration' to attract 'people of calibre'.
'Many of these office holders do not expect or require that monetary compensation for their roles in the public sector be set at private sector levels,' it said.
'Rather, office holders serve for the public good and the opportunity to influence economic and social policy initiatives.'
Opposition leader Peter Dutton received a $25,000 pay rise and now sits on a salary of $432,239
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