There is a nice touch of symmetry in the proposed new salary increases to federal Members of Parliament.
Under the Remuneration Tribunal’s annual salary review, announced yesterday, the Prime Minister’s salary will increase by about $21,000 to $330,000 a year. Which is precisely 1% of the salary of the highest salary earner in corporate Australia, Macquarie Bank’s CEO, Allan Moss.
Prime Minister of Australia (expected revenue 2006-07 = $232 billion): $330,000.
Chief Executive Officer of Macquarie Bank (revenue from operating activities in 2007 = $11.723 billion): $33 million.
Implied value differential: 1:100.
Conclusion: Everyone should stop whinging about parliamentary salaries and start agitating for higher pay (and smarter politicians).
Get Crikey FREE to your inbox every weekday morning with the Crikey Worm.