The Life Gold Travel Pass, as it is known, will be axed immediately, according to The Australian, which has left those close to retirement furious after expecting to enjoy the perks, which include free business class travel.
Approximately 200 former MPs are said to be affected by the changes, saving Australian taxpayers $1.5 million per year.
Mr Turnbull told MPs their priorities were “out of touch” during a party room meeting, according to the Fairfax Media.
Despite the perk still being available to former prime ministers, Mr Turnbull has announced he would not use it.
The move comes after the latest scandal involving former minister Sussan Ley, who was forced to resign after claiming taxpayer funded travel for personal business.
Mr Turnbull announced he would introduce an independent agency to investigate and report of MPs monthly spending.
According to The Australian, the Gold Pass has cost taxpayers $17.2 million since 2001.
