Source : Perth Now news
Twelve public servants working for Australia’s sovereign wealth fund are paid salaries of more than $1m.
The revelation comes from a response to a Senate estimates question on notice, responded to this week.
The response shows 11 Future Fund Management Agency workers are paid more than $1m, plus another who’s paid a tick over $1.5m.
Greens senator Barbara Pocock asked the question on notice and said public servants being paid twice the Prime Minister’s salary was not good value for money.
“We’re not talking about Secretaries who run big government departments but employees. How can the government justify this?,” Senator Pocock said.
“Senior government officials managing large departments with huge budgets and staff would be asking why lower ranking public servants are getting lottery-sized earnings.”
Only two out of 483 superannuation funds in Australia made larger returns last year than the Future Fund, according to comparison site Finder.
The question on notice response, from Public Service Minister Katy Gallagher, says the lone staffer on $1,507,170 had “direct oversight and responsibility” for the $350bn Future Fund, and the pay packet included bonuses and allowances.
But Senator Pocock questions why unelected civil servants take home higher wages than the Prime Minister, whose salary is $622,000.
“In a cost-of-living crisis, Australians are hurting. Many would be outraged to learn that a dozen public servants are earning over a million dollars and in some cases double what the Prime Minister earns.
“What kind of public service work warrants a salary of $1m or $1.5m? Even the Prime Minister and Deputy Prime Minister don’t earn this much. I think most taxpayers would be questioning whether this represents good value for money.”
Civil servants on these large wages, while the government consistently used private consultants, did not create a strong public service, Senator Pocock said.
In a statement along with the response, Senator Gallagher said the worker on $1.5m provided strategic advice to the Future Fund board and oversaw specialist investment teams.
The Future Fund returned 14.8 per cent, or $37.4bn, in the year to June 2026.
“The Future Fund Management Agency participates in highly competitive global markets for talent to identify and access high-quality investment opportunities that deliver strong long-term returns for all Australians,” Senator Gallagher said.
Because the Future Fund dealt with significant, “at-risk investment outcomes” in commercial markets, a variable pay strategy with bonuses was warranted, she said.
