The PM is well paid when you consider the value of the pension they get. Abbott will get a boost in his pension of around 150k per year for life after being in the top job for three years. You would need about 4.5 million invested to receive such an income stream (at 30 times earnings). That works out to 1.5m per year after tax or nearly 3 million before tax. Total pay for PM is more like 3.5 million per year not even including the other perks they get.
