Tony Abbott lost his job over the weekend. The former Australian prime minister, onion muncher, and long-term MP for the north Sydney electorate of Warringah suffered a crushing defeat at the hands of Independent underdog Zali Steggall on Saturday night, bringing his political career to an abrupt and somewhat humiliating end. “I can’t say it doesn’t hurt to lose,” he told his supporters on election night, after conceding to Steggall. “So be it. I’d rather be a loser than a quitter.”

It’s not all bad news for Tony, though. For one, as a direct result of losing his seat in parliament, the now ex-politician stands to receive an extra $100,000 or so a year, according to SBS.
Since being axed as prime minister in 2015, Tony’s been making the annual base backbencher salary of about $207,000. Had he won the vote on Saturday night and retained his seat, he would have continued to earn this much. But instead, as a politician who was elected before 2004 and is therefore enrolled in the Parliamentary Contributory Superannuation Scheme (PCSS), Tones will leave government on a starting pension of $296,000.
The pension is calculated like this: each politician receives a percentage of whatever the base MP wage is—$207,000, in Tony’s case—calculated according to however many years they served. Then they get an extra 6.25 percent loading for any “official” roles that they’ve also taken on. For Tony, 25 years as the MP for Warringah has earned him 75 percent of the base wage (so $122,903); a number of other “official” roles over the years, with loading, have earned him a further $172,827. All said and done, that leaves him with $295,720—a number that is only likely to increase as current MPs’ salaries do.

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