The Australian Prime Minister will be paid more than the US President for the first time in history.
Anthony Albanese will become the third highest-paid world leader, thanks to a pay rise that will push 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 receive a pay increase of 3.5 percent following a decision by the independent Remuneration Tribunal on June 17.
That means an increase of $20,570 per year for Mr. Albanese, starting July 1.
Anthony Albanese is likely to be paid more than US President Joe Biden (the couple is pictured)
Mr Albanese will become the third highest-paid world leader after a major pay rise
The basic salary for MPs will rise by around $8,000, taking a backbencher’s minimum wage to $233,660 a year.
Mr Albanese’s salary will rise to $607,520, the equivalent of about $403,000.
The US president receives $400,000 a year, a figure that has remained unchanged 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 Switzerland’s Viola Amherd.
She earns $823,000 as president of Switzerland, a role 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 $2.5 million a year to govern the island state of six million inhabitants.
It will be the first time in history that an Australian prime minister earns more than his American counterpart
The pay rise in Canberra also means Australian MPs will become the second highest paid lawmakers in the world.
The 3.5 percent salary increase puts them ahead of Israeli lawmakers, who earn about $232,000 a year, but still less than the $263,000 paid to U.S. congressmen.
The Remuneration Tribunal said in its review statement that its primary focus was on providing competitive remuneration for public office to “attract and retain people of calibre”.
The tribunal said the wage increase was lower than the overall wage inflation of 4.1 percent among the Australian workforce.
Opposition leader Peter Dutton’s salary will increase by $14,640, bringing his annual salary to $432,280.