Federal politicians are set for a July 1 cash bonanza, with every MP in Parliament to receive thousands of extra dollars in pay, and a cut to their tax rate.
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The 2 per cent pay rise was ordered by the independent Remuneration Tribunal on Thursday and will take effect on the very same day that every MP benefits from a drop in the top marginal tax rate from 49 per cent to 47 per cent when the deficit repair levy ends.
The pay rise also comes at a time of a looming cuts to penalty rates and historically low wages growth.
In its ruling on the pay rise for Australia's politicians, the tribunal noted that it had received a "notable increase in submissions" asking for pay raises "based at least in part on private sector remuneration" - a sign that at least some of our public servants felt they weren't being paid enough.
The pay rise means that, for example, Prime Minister Malcolm Turnbull's salary will rise from $517,504 to $527,852, a cool $10,000 rise, while Deputy Prime Minister Barnaby Joyce will rake in $416,191 a year from July 1.
Treasurer Scott Morrison's hefty pay packet will rise to $380,662, Opposition Leader Bill Shorten will see his salary reach $375, 587, and deputy Labor leader Tanya Plibersek will be paid $319,756.
The average cabinet minister will be paid $350,209. Their opposition counterparts will earn $253,775, Greens leader Richard Di Natale will earn $289,303 and backbench MPs will see their incomes rise from $199,040 to $203,020 a year.
In comparison, the median salary in Australia is about $80,000 per year.
In recent years, politicians have had fewer than usual pay rises. On July 1, 2013, they received a 2.4 per cent pay rise and they have received one other rise, of 2 per cent, on January 1 2016 - until today.
The tribunal noted public service office holders "serve for the public good", which means pay is set at traditionally lower levels than pay in the private sector.
It took wage growth, recent pay raises for public servants, the position of the budget and the general state of the economy into account when making its decision.
"The tribunal considers it important that remuneration for offices in its jurisdiction be maintained at appropriate levels over the longer term to attract and retain people of the calibre required for these important high level offices," it said in its statement announcing the decision.
"The tribunal is conservative in its approach to annual increases and in this case is conscious of the government's policy of wage restraint for the Australian Public Service and non Australian Public Service government agencies."
The pay rise was announced as the Department of Finance also released the latest batch of MPs' expenses reports.
The reports show that our five former prime ministers - not including Tony Abbott - had taxpayers shell out for about $440,000 worth of expenses between June and December 2016.
John Howard was the biggest spender, racking up nearly $150,000 worth of travel and office costs.
As always, serving MPs claimed tens of millions from the taxpayer for domestic and overseas travel, allowances and office facilities.
Prime Minister Malcolm Turnbull spent more than $500,000 on overseas travel, followed by Trade Minister Steve Ciobo on $417,000 and Foreign Minister Julie Bishop on $300,000.
Government frontbencher Dan Tehan was responsible for the biggest phone and internet bill, spending nearly $12,000. Dumped frontbencher Stuart Robert was second, spending just under $10,000.
MPs also spent up big on charter flights, with government frontbencher from the NT Nigel Scullion spending $79,000. Barnaby Joyce and Bob Katter spent $61,000 apiece, and former health minister Sussan Ley spent just over $50,000.
Former MPs used the Life Gold Pass to rack up about $115,000 worth of domestic flights during the same six months.
Former Deputy Prime Minister Warren Truss was one of the biggest users of the controversial perk, spending $11,400. He was behind only former Labor senator Nick Bolkus, who spent $14,100.
The normally prolific flyer Peter Slipper spent a relatively restrained $3884. Fellow former Speaker Bronwyn Bishop - who lost her job over taxpayer-funded flights - did not use the perk at all.
The Turnbull government abolished the Life Gold Pass for all former politicians, except former prime ministers, earlier this year.
Recently retired or dumped MPs spent a further $70,000 on post-Parliament flights under a separate entitlement that allows them to conclude their business after leaving office.
The Department of Finance also spent $2.1 million renovating and moving MPs' offices, the figures show.
This is the last time the department will report on expenses, with the responsibilities moving on July 1 to the government's new Independent Parliamentary Expenses Authority.
