Nearly a dozen federal public servants received remuneration packages exceeding $1m last year, sparking fresh outrage as the government navigates a difficult cost-of-living crisis and widespread public sector job cuts.
New figures, tabled in parliament this week following a question on notice from Greens senator Barbara Pocock, reveal that 11 staff members at Australia’s sovereign wealth fund, the Future Fund, were paid more than $1m in total packages, including bonuses and allowances. One staffer at an “executive level 2” rank received a staggering $1.5m, a figure more than double the $622,000 base salary of Prime Minister Anthony Albanese.
The revelations have drawn sharp criticism, with many questioning how such extravagant public spending can be justified at a time when other government agencies are trimming their workforces. Recent months have seen voluntary redundancies announced at the National Disability Insurance Agency, alongside job losses in the Department of the Prime Minister and Cabinet, the Department of Home Affairs, and the Department of Climate Change, Energy, the Environment and Water.
Senator Pocock expressed disbelief at the disparity, questioning the value for money these salaries provide to the Australian taxpayer.
“In a cost-of-living crisis, Australians are suffering and many would be outraged to learn that a dozen public servants are earning over a million dollars,” Pocock said. “What kind of public service work warrants a salary of $1.5m? We’re not talking about secretaries running government departments but employees. How can the government justify this?”
The 11 staff members are directly involved in the oversight and management of the Future Fund’s $350bn investment portfolio. Defending the remuneration, a spokesperson for the Minister for the Public Service, Katy Gallagher, argued that the fund operates in a “highly competitive global market” and that high salaries are essential to attract top-tier financial talent.
The government noted that the Future Fund delivered a 14.8% return in the 12 months to June 2026, adding $37.4bn to the portfolio. Officials also maintained that the payments remain within government guidelines regarding performance bonuses, which are permitted for entities operating in commercial markets where investment outcomes are at significant risk.
These high-level salaries, which outpace those of federal cabinet ministers and the heads of Australia’s domestic intelligence and police agencies, have further soured the reputation of the Future Fund. The agency was already under fire in December following reports that it spent $20,000 to send the chief executive’s then-executive assistant on a business-class trip to the US to “scope out” hotels. While the fund later claimed the trip resulted in $30,000 in annual savings, the optics of the expenditure during a period of belt-tightening proved highly controversial.
The Future Fund declined to comment on the latest salary revelations.
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