Newspaper article The Queensland Times (Ipswich, Australia)

Reported $300K Pension in Pipeline for Abbott

Newspaper article The Queensland Times (Ipswich, Australia)

Reported $300K Pension in Pipeline for Abbott

Article excerpt

TONY Abbott can be comforted by one thing as he processes his ousting at the hands of Malcolm Turnbull - the sizeable pension he could walk away with after 21 years in Australian Parliament.

The former leader of the Liberal Party and Prime Minister was unseated by the man he ousted as the leader of the Party in 2009.

Mr Abbott led Australia as Prime Minister between September 2013 and 2015, meaning he was in office for less time than his predecessors Julia Gillard and Kevin Rudd.

According to a report by the Sydney Morning Herald (SMH), Mr Abbott will take a considerable paycut after being ousted as Prime Minister, where he earned over $530,000 annually.

However, his 21 years in Parliament have left him with an average pension of $307,542, a figure the SMH says includes his time as cabinet minister, the leader of the opposition and the two years he spent as Prime Minister.

Australian law means he could take half of his pension in a lump sum of up to $1.53 million plus other entitlement if he does leave Parliament.

Mr Turnbull's support of same-sex marriage, a carbon trading scheme and making Australia a Republic puts him in stark contrast to Mr Abbott, whose popularity fell behind that of the Labor Party's in recent opinion polls.

After launching his leadership challenge, the multi-millionaire vowed to deliver the economic leadership Australia needs to prosper to remain a "high wage, generous social welfare net, first-world society".

What do you think about this? Are our pensions for politicians over the top? What you're saying on Facebook:

Gordon Hartwig: "They are over the top as well as they should be made to wait to 70 yrs of age to collect."

Liz Skate Tomlin: "Bloody disgraceful. And for what?"

Debbie Richards: "They never lose ...."

Josh Wynyard: "Maybe he should put that money towards the cost of bringing 12000 Syrian refugees too Australia. …

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