The salary of all members of parliament and parliamentary office holders are determined by the Remuneration Tribunal. The Remuneration Tribunal is an independent committee charged by the Australian Parliament to investigate and make recommendations on parliamentary salaries.
From 1 January 2016 the base salary for a member of parliament is $199,040 per year.
The Prime Minister currently receives a salary which is 260% of the base salary. Therefore, the Prime Minister receives a salary of $517 504 per year.
The Parliamentary Library has some interesting information on the salaries of members of parliament and parliamentary office holders.