Jim Chalmers salary: what the Treasurer earns and how it compares
Jim Chalmers salary is $448,631 a year as Treasurer. See how that sits on the salary index against the national line, state averages and industry benchmarks.
Jim Chalmers' total salary of $448,631 gives a salary index of 414, more than four times the national line of 100.
What is Jim Chalmers' salary?
Jim Chalmers, the federal Treasurer and MP for Rankin, earns a total salary of $448,631 per year. That figure is made up of a base parliamentarian salary of $239,270 plus an additional salary of $209,361 for holding the office of Treasurer. The additional salary is 87.5% of the base rate, as set by the Remuneration Tribunal. Electorate allowance is paid on top but is not reported for individual MPs because it depends on the size and location of the electorate.
This is not a wage you'd find in a modern award or an enterprise agreement. Parliamentarian pay is determined by the Remuneration Tribunal (Members of Parliament) Determination 2026, not by the Fair Work Commission or through collective bargaining. The base salary applies to all federal MPs, and extra amounts are added for ministers, presiding officers, and the Leader of the Opposition.
How does that sit on the salary index?
The salary index uses a benchmark of 100, which equals full-time adult ordinary-time earnings of $108,352 a year (from the Australian Bureau of Statistics Average Weekly Earnings, May 2026). To work out the index for any pay figure, you divide the yearly gross by the national line and multiply by 100.
For Jim Chalmers' total salary:
$448,631 ÷ $108,352 × 100 = 414
That means his salary is more than four times the national average. Even his base salary alone gives an index of 221. By comparison, the national minimum wage from 1 July 2026 is $26.44 an hour, or $52,255 a year, which indexes at 48.2. A typical retail worker in Australia earns around 75.9 on the index, while someone in professional, scientific and technical services indexes at 114.7.
State and industry context
Because Jim Chalmers is a federal politician, his salary isn't tied to a particular state or industry. But it's useful to see how his pay compares with the state and industry benchmarks we track on Salary Index.
State indexes range from Tasmania at 88.6 ($96,008 annualised) to the ACT at 109.9 ($119,090). Even the highest state index – the ACT – is only about a quarter of Chalmers' index of 414. That's not surprising: the ACT figure reflects the average earnings of all full-time workers in the territory, including public servants, while Chalmers holds one of the highest political offices in the country.
Industry benchmarks tell a similar story. Mining has the highest industry index at 154.7, followed by professional, scientific and technical services at 114.7. Retail trade sits at 75.9, and accommodation and food services at 72.5. None come close to 414. The Treasurer's salary is in a different league, partly because it's a single role with a statutory determination, not an average across thousands of workers.
Why this matters for understanding pay
When you look up a salary like Jim Chalmers', the index helps you see where it sits against the national line. It's a quick way to compare any pay figure – whether it's a politician, a CEO, or a casual hospitality worker – against the same benchmark. The index doesn't tell you whether the pay is fair or reasonable; it just shows the ratio.
For most Australian workers, pay is set by modern awards, enterprise agreements, or individual contracts. The national minimum wage and award rates are reviewed annually by the Fair Work Commission. For example, the entry-level award floor from 1 July 2026 is $25.74 an hour, and award minima rose by 4.75% that year. Casual workers get a loading of 25%, making the casual national minimum wage $33.05 an hour.
Superannuation is another factor. From 1 July 2026, the super guarantee is 12% of ordinary time earnings, up to a maximum contribution base of $270,830. For a worker on the national minimum wage, that adds about $6,270 a year to their retirement savings. For Jim Chalmers, his super arrangements are under the Parliamentary Contributory Superannuation Scheme or the 2004 Act, which have different rules.
Tax also differs. The 2026–27 resident tax rates start at nil up to $18,200, then 15% up to $45,000, 30% up to $135,000, 37% up to $190,000, and 45% above that. Plus a 2% Medicare levy. On a salary of $448,631, the tax bill is substantial, but the index we use is based on gross pay before tax.
Where to go next
If you want to see how other roles compare, check out our pay guides for different industries, or explore state-by-state and industry indexes. You can also read more about how the index works and browse other topics on the site.
Understanding where a salary sits on the index gives you a clear, consistent way to talk about pay in Australia. Whether you're comparing a politician's income to a nurse's or a miner's, the same benchmark applies.
Questions people ask
Is Jim Chalmers' salary set by the same rules as other workers?
No. Parliamentarian salaries are determined by the Remuneration Tribunal, not by an award or enterprise agreement. The base salary for all MPs is $239,270, with additional amounts for ministerial and presiding offices. This is separate from the national minimum wage ($26.44/hr from July 2026) or modern award rates.
How does Jim Chalmers' salary compare to the average Australian wage?
The national line on the salary index is 100, which equals $108,352 a year (full-time adult ordinary-time earnings). Jim Chalmers' total salary of $448,631 gives an index of 414, meaning he earns about 4.1 times the average full-time worker. Even his base salary alone ($239,270) indexes at 221, more than double the national line.
Does Jim Chalmers' salary include superannuation?
The reported salary figures are gross base and additional salary before super. Parliamentarians may be members of the Parliamentary Contributory Superannuation Scheme (PCSS) or the Parliamentary Superannuation Act 2004 scheme. Personal contributions are deducted from salary. The super guarantee rate for most employees is 12% from 1 July 2026, but politicians have separate arrangements.