Prime Minister Malcolm Turnbull is one of the highest-paid politicians in the world – earning almost 10 times the average Australian wage.
Mr Turnbull, 63, takes home more money than any politician from Canada, the United States, Germany and Switzerland, according to new figures published by IG.
He gets a pay packet of $527,854 which is more than any other head of government in the Organisation for Economic Co-operation and Development (OECD).
Second after Turnbull among global politicians comes Switzerland’s president Alain Berset who earns $482,958 a year, while U.S. president Trump sits comfortably in third place with $400,000.
Thumbs up for Turnbull: Australia’s Prime Minister Malcolm Turnbull is the highest-paid politician in the world, according to the latest figures
Good Fortune: Malcolm Turnbull earns $527,854 which is more than any other head of government in the OECD
U.S. president Trump gets paid less than PM Turnbull. Trump sits comfortably in third place with $400,000
They are followed by German chancellor Angela Merkel earning $369,727 and New Zealand’s prime minister Jacinta Ardern in fifth place with a salary of $339,862.
The findings published by also compare the political leaders’ salaries to the average national wage.
The latest figures reveal Turnbull gets ten times the average Australian wage which is the second-highest disparity between leaders and workers in the developed world.
Turnbull also earns $0.44 for every million dollars of GDP produced in Australia.
Australians have taken to social media slamming the prime minister’s hefty pay packet.
One man wrote: ‘There was a time not all that long ago where we accepted the argument that if we payed our politicians more we’d get better quality in Parliament. Clearly that was wrong.’
In fourth place among OECD countries, German chancellor Angela Merkel earns $369,727
Second after Turnbull among global politicians comes Switzerland’s president Alain Berset who earns $482,958 a year
Turnbull earns 10 times the average Australian wage which is the second-highest disparity between leaders and workers in the developed world, new figures reveal
‘Just converting to Aussie dollars doesn’t give an accurate comparison because the cost of living is higher in Australia so we get paid more generally compared to other countries,’ another social media user added.
Not only does Turnbull get a healthy pay packet, but he also receives a golden retirement package once’s he leaves parliament.
Australian politicians have the advantage of having 15.4 per cent of their income going towards their superannuation, according to the Parliamentary Superannuation Act 2004.
Top five heads of state’s base pay packets in the OECD. From left to right: Australian pm Turnbull, Swiss president Berset, U.S president Trump, German chancellor Merkel, and Kiwi prime minister Ardern
That is in comparison to most Australian workers who get just a 9.5 per cent super contribution.
While Turnbull is the best paid out of most developed countries, it is interesting to note that Singapore’s prime minister Lee Hsien Loong earns a staggering $1.7 million a year in U.S. dollars.
Singapore is not a member of the OECD so the prime minister’s salary was not included in the survey.
Rich and Famous: Turnbull gets a pay packet of $527,854 which is more than any other head of government in the OECD
New Zealand’s prime minister Jacinta Ardern in fifth place with a salary of $339,862