Million-dollar public servants: 11 staff at Australia’s Future Fund paid significantly more than the PM
Summary
Eleven employees at Australia’s Future Fund were paid more than $1 million last year, with one receiving $1.5 million, more than double the prime minister’s salary. The high pay aims to attract skilled staff to manage the fund’s $350 billion investments, but it has raised concerns during a cost-of-living crisis and public sector job cuts.Key Facts
- 11 federal public servants at the Future Fund earned more than $1 million in pay, bonuses, and allowances last year.
- One staff member at an executive level 2 position received $1.5 million, exceeding the prime minister’s $622,000 salary.
- All 11 earn more than federal cabinet ministers and nearly all department secretaries, including top intelligence and police leaders.
- The Future Fund manages $350 billion in investments and reported a 14.8% return, adding $37.4 billion in one year.
- High salaries follow government rules allowing bonuses for positions with significant investment risks and commercial operations.
- The payments have been questioned by Greens Senator Barbara Pocock, who said taxpayers might doubt the value for money.
- The Future Fund recently faced criticism for spending $20,000 to send an executive assistant on a business-class trip to the US to evaluate hotels.
- Other government departments, including the Prime Minister’s department, have announced job cuts amid budget pressures.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
