A dozen public servants in one agency raking in more than $1 million each.

There is a quiet discomfort that arises when the numbers on a payslip seem to belong to a different world from the one most people inhabit—when a salary of a million dollars is not a lottery win or a corporate bonus, but a line item in the public purse. This week, a Senate response revealed that twelve public servants at a single federal agency are earning more than that, and the revelation has sparked questions about value, fairness, and the cost of talent.

The twelve employees all work at the Future Fund Management Agency, Australia's sovereign wealth fund. One executive received a package of $1,507,170, including bonuses and allowances—more than double the Prime Minister's $622,000 salary. Eleven others received more than $1 million each .

The figures emerged in response to a question on notice from Greens Senator Barbara Pocock. The government's response, provided by Public Service Minister Katy Gallagher, said the staff have "direct oversight and responsibility" for the $350 billion fund, which operates in a "highly competitive global market" for investment talent .

"The Future Fund delivered a return of 14.8% in the 12 months to June 2026, adding $37.4 billion to increase the value of the investment portfolio to over $350 billion," a spokesperson said .

Senator Pocock was not satisfied. "In a cost-of-living crisis, Australians are hurting," she said. "Many would be outraged to learn that a dozen public servants are earning over a million dollars and in some cases double what the Prime Minister earns" .

The salaries are permitted under Commonwealth rules that allow performance bonuses in limited circumstances, including roles involving "significant, at-risk investment outcomes" and entities operating in commercial markets . But Pocock questioned why unelected officials should earn more than the Prime Minister while the government slashes public service jobs and outsources work to consultants .

For context, senior managers at major Australian banks commonly receive annual bonuses exceeding $1 million, though such payments remain controversial with shareholders . The Future Fund's returns place it among the top-performing superannuation funds in the country .

The debate touches on a question that has no easy answer: whether the public sector can compete for top talent without paying what the market demands, and whether the public will accept those costs when household budgets are tight.

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Sources: The Guardian, News24 Australia, Daily Telegraph, Australian Greens, Future Fund