For the first time in history, the Australian prime minister will earn more than the American president.
Anthony Albanese will become the third highest-paid world leader, thanks to a pay rise that puts his salary above that of US President Joe Biden.
It will be the first time in history that an Australian prime minister earns more than his American counterpart.
All federal politicians will get a 3.5 per cent pay rise following a decision handed down by the independent Remuneration Tribunal on June 17.
That means a raise of $20,570 a year for Albanese, effective July 1.
Anthony Albanese will be paid more than US President Joe Biden (both pictured)
Albanese to become third highest-paid world leader after major pay rise
The base salary of deputies will increase by about $8,000, raising the minimum salary of a deputy to $233,660 per year.
Albanese’s salary will increase to $607,520, the equivalent of about $403,000.
The American president earns $400,000 a year, a figure that has not changed since 2001, when George W. Bush was in the White House.
Only two world leaders will earn more than Mr Albanese.
The second highest paid head of government in the world is the Swiss Viola Amherd.
She earns A$823,000 as president of Switzerland, a position that rotates annually among members of the country’s seven-member Federal Council.
Singapore Prime Minister Lawrence Wong is by far the highest paid politician in the world. He earns about A$2.5 million a year to govern the island nation of six million people.
It will be the first time in history that an Australian prime minister earns more than his American counterpart.
Canberra’s pay rise also means Australian MPs will become the second highest paid lawmakers in the world.
The 3.5 per cent pay rise puts them ahead of Israeli parliamentarians, who earn around A$232,000 a year, but still below the A$263,000 paid to members of the US Congress.
The Remuneration Tribunal said in its review statement that its primary objective was to provide competitive remuneration to public office to “attract and retain people of caliber”.
The court said the pay rise was less than overall wage inflation of 4.1 per cent across the Australian workforce.
Opposition Leader Peter Dutton’s salary will increase by $14,640, taking his annual salary to $432,280.