Australian Prime Minister to Earn More than Joe Biden

Australian Prime Minister Anthony Albanese is set to earn approximately $607,500 (US$405,000) per year, surpassing U.S. President Joe Biden’s annual salary of $600,000. This increase follows the latest pay rise for all federal politicians announced by the independent Remuneration Tribunal on June 17. The tribunal approved a 3.5 percent salary increase for federal public officers, effective July 1, 2024, marking the third consecutive year of salary increases. Mr. Albanese’s salary will rise from $587,000 (US$391,500) to the new amount. This makes him the third-highest-paid world leader, behind Switzerland President Viola Amherd, who earns $823,000 annually. The U.S. president’s salary has remained at $600,000 since 2001, making it the first time in history that an Australian prime minister earns more than the U.S. president. The Remuneration Tribunal considered various factors in its decision, including wage inflation, minimum wage increases, and overall economic conditions. The tribunal aims to provide competitive and equitable remuneration to attract and retain high-caliber individuals for public office. The pay rise also impacts other officials, with MPs’ base salary increasing by approximately $8,000 per year. This adjustment places Australian federal MPs as the second-highest-paid politicians globally, surpassing Israeli MPs and just below U.S. congress members. Notable figures in the parliament chamber will also see significant pay increases, including Deputy Prime Minister Richard Marles, Treasurer Jim Chalmers, Foreign Affairs Minister Penny Wong, and Opposition Leader Peter Dutton. Members of the shadow cabinet will also receive salary increases as a result of the latest pay rise.

Source link