Tony Abbott
Tony Abbott Peter Holt

WATERCOOLER: Reported $300k pension for Tony Abbott

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.

>> Malcolm Turnbull to be sworn in as Australia's new PM

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?

Join our daily watercooler by leaving a comment below.

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."

Sue Mureau: "Of course its excessive. They should be entitled to a basic living wage after they leave, in return for doing what is a tough job - but they should have to return to the workforce if they want anything more. At the very least it would ensure they act with more responsibility toward the people while theyre a member. After all, who would employ someone who alienated almost the entire country & sent businesses broke."

Stacey Blatchford: "He should get the pension he thinks is suitable for the elderly! Not a cent more!"

Frank Moe Heyward: "Should be no pension till he is 70 and not get any more than any other pensioner."

Karissa Jayne: "They should get the same as the Aged Pension.... but only if they qualify (which they won't-- too many assets, stocks, bulging bank accounts and super funds)..."

Jude A Burke: "Yes it should be closer to normal pension $300,000 is disgusting."

Tahls Sonter: "Mean while the rest of the hard working Australians pension barely feeds them."

Nicole Wilson: "Pay him a pensioner payment 600 a fortnight like our hard working elderly get see how hard it is too survive from week to week."

Krystal Gray: "None of them should have one!!! They all would have enough property and investments to not be entitled to a pension.... well thats what u tell some old age pensioners!!!! Governments a joke!!!"

Sharon Cosgrove: "They should have to live on a normal super and pension.. like the rest of us."

Kerri Ann Davis: "24 pms at a cost of 600000 per yr... each yr its costing australians 14400.000 per yr."

Maxine Bck: "None of them should be entitled to the over the top retirement funds..."

Don Gibson: "Ole tony needs to work after all the government did raise the retirement age."

Lisa Ellis: "It's a joke !!!! What about the average Aussies who struggle every day the government needs to start looking at the community who vote them in !!!!"

Nickylee Buiatti: "What about pensioners who physically cant work, they don't get $300,000."

Melissa Jane Brian: "Yes reduce their pensions and increase the elderly pensions so they r not living in poverty..."

Paul Smart: "They should not be able to get them until they are 65 70 same as the rest of us."

El Dunn: "5 PMs in 5 years is ridiculous why should we have to pay out 5 pms we the poor tax payers have to work until we're 70 for our pensions why can't they access theirs until their 70 over it government ripping off the Australian people."

Jen Hill: "Considering our age pensioners only get $20,000 and he has only been PM for 2 years, I personally find it over the top! can pay 2 pensioners for almost 8 years with one year of his pension!"

Sandra Ellice Brown: "I do believe they should have to wait like everyone else. As for how much, I have know idea. 21 years in a thank less job with the media in your face all the time must have a price. Someone has to be Prime Minister but everyone is never happy with the majority choice. The personal slanging that goes on from every day people and other sides of politics is bullying. It comes at a cost. Our children are subjected to watching all this on all forms of media, it's no wonder they are growing up the way they are today."

Jennifer Cantrill-Ryall: "Way over the top. He should get the same as every other pensioner in Australia."

Nita Collin: "Very much so what do they do to warrant so much money the country would be in much better shape if they cut their wages / pensions and was made to survive on what we pensioners do they are there just to feather their own nests."

Michelle Peters: "Yes!! Pensions for politicians are way over the top. They should retire on a normal aged pension just like the rest of us..."

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