Queen Elizabeth gets a $10m pay rise

Queen Elizabeth's "sovereign grant" is funded by the taxpayer.
Queen Elizabeth's "sovereign grant" is funded by the taxpayer. Photo credit: Getty

Queen Elizabeth is set to receive a NZ$10 million pay rise.

Her portion of the "sovereign grant", which is funded by the taxpayer, will increase to NZD$143m next year, Buckingham Palace says.

Alan Reid, Keeper of the Privy Purse, says the royal family costs each taxpayer about 65 pence per year (NZD$1.14), which he calls "excellent value for money".

"Consider that against what the queen does and represents for this country," he says.

The Queen's pay rate is based on the financial performance of the Crown estate, which has real estate holdings across Britain.

This year the Crown Estate recorded a $42m increase in income.

Funding will also increase to cover a 10-year refurbishment of Buckingham Palace, which is expected to cost $650m.

Newshub.