Australian news outlets report that the country’s Remuneration Tribunal has agreed to a 31-percent pay raise for the prime minister and the head of the opposition party.

The move will boost Australian Prime Minister Julia Gillard’s annual salary from 360-thousand Australian dollars to 480-thousand Australian dollars.

Opposition leader Tony Abbott, the head of the Liberal Party of Australia, will now receive up to 340-thousand Australian dollars a year, up from 260-thousand dollars.

The raise is more than ten times higher Australia's annual inflation rate of three percent.