Renumeration Tribunal sets 2.4 per cent pay rise | Australian Markets

Anthony Albanese and different politicians are set for a plumped-up pay packed in simply weeks, with the Prime Minister’s wage leaping from about $607,471-a-year to $622,050.

Politicians, division secretaries and different senior public servants will get a 2.4 per cent pay rise from July 1, following the willpower of the 2025 Review of Remuneration for Holders of Public Office.

The assertion issued by the Remuneration Tribunal on Wednesday famous that the overall remuneration will increase given up to now yr have been “relatively modest,” totalling 18.65 per cent since 2016.

While the 2.4 per cent pay bump matched inflation, it’s below the three.4 per cent wage-price index for the public sector, and fewer than the three.4 per cent and 4 per cent will increase awarded by the Tribunal in 2024 and 2023 after salaries stalled during the Covid pandemic.

“In contrast, remuneration increases more generally in the public and private sectors (based on overall March Wage Price Index data from 2016-2025) equate to 25.6 per cent,” the assertion mentioned.

The 2.4 per cent increase was additionally decrease than the Fair Work Commission’s Annual Wage Review which decided a 3.5 per cent above-inflation increase to the minimal wage and Australians on fashionable award wages.

A backbencher will see their wage increase from about $233,660 to $239,267, whereas Sussan Ley will get a increase of $10,374 to $442,643.

Jim Chalmers’ annual pay will probably be boosted to $448,625, a bump of $10,514 whereas cupboard ministers will obtain an uplift of $4065 to $412,735.

Politicians are additionally given an voters allowance which covers bills incurred to “provide services to their constituents” equivalent to travelling, in extra to a non-public plated vehicle.

Senators get a flat price of $39,700 per yr, whereas MPs are given between $39,700 to $57,100 relying on the dimensions of their voters.