Chris Hipkins' imminent resignation as Prime Minister, now the incoming Government has been formed, will also mean giving up his big salary and perks.
The salary and allowance for the Prime Minister in 2023 is $493,655, which will now go into the bank account of Christopher Luxon.
Hipkins will instead take a pay cut of more than $180,000 to $312,987 - which is the salary and allowance for the leader of the Opposition.
Winston Peters, meanwhile, is also in for a massive pay packet. For the first part of the term, while he's deputy Prime Minister, he'll get a salary of $334,734 and a $16,980 allowance.
When he hands the 2IC reins to David Seymour, Peters' income will drop back to a Cabinet ministers' salary of $296,007.
Looking at how these salaries stack up against world leaders, Luxon's Australian counterpart Anthony Albanese pulls in NZ$636,100, while US President Joe Biden gets NZ$661,140.
However, Luxon comes in just above Canada Prime Minister Justin Trudeau (NZ$457,000) and UK PM Rishi Sunak (NZ$346,815).
NZ MPs' salaries at a glance (excluding allowances)
- Prime Minister - $471,049
- Deputy Prime Minister - $334,734
- Opposition leader - $296,007
- Cabinet ministers with one or more portfolios - $296,007
- Ministers outside of Cabinet with one or more portfolios - $249,839
- House Speaker - $296,007
- Deputy Speaker - $209,471
- Party leaders - $179,713
- Other MPs - $163,961
