As the prime minister of Australia, Scott Morrison was bringing in around $550,000 a year, with free accommodation, a private plane, chauffeur, free groceries and dry cleaning, to name a few.
Since conceding election defeat, Morrison will have to ditch the perks, but he will still take home $211,250 a year.
As a backbencher in Parliament, Morrison’s monthly pay will drop from around $30,000 a month to $12,000 a month - a still-sizable sum.
New Prime Minister Anthony Albanese will get a major pay boost though, as well as picking up all the perks.
Let’s take a look at what the person in the top spot gets when they take leadership.
Perks of being Prime Minister
In the Federal Parliament, everyone is paid the same base salary and, depending on the position, will get a bonus.
The base pay is $211,250 plus a 160 per cent 'additional salary' for the role of prime minister - bringing the total pay packet to $549,250.
They also get access to the VIP RAAF jet.
The Prime Minister lives rent-free in two residences - Kirribilli House in Sydney and The Lodge in Canberra.
Both residences come with four full-time staff, including a senior chef and house attendants.
The PM also gets free groceries, free dry cleaning and a chauffeur with a private car.
Perks of being a former prime minister
Despite the cut in pay, having formerly held the top job does attract a range of benefits.
The Members of Parliament (Life Gold Pass) Act of 2002 gives former prime ministers a number of benefits but does come “at the discretion of the prime minister of the day”.
The benefits include all the costs for establishing an office, including lease costs, stationary and phones.
It also allows them to expense domestic and family travel, up to 25 return trips per year - depending on how long they served in parliament.
All the benefits will last a lifetime.