After less than two years as the Prime Minister, Tony Abbott is set to go home with an annual $307,542 pension.

The total amount would have been greater if Mr Abbott had reached his second anniversary- he was just four days away.

Mr Abbott's prime minister's salary was $539,338 a year and he will now lose a quarter of that annual figure, Fairfax media reports.

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It is unclear if Mr Abbott will stay on in Parliament as he is yet to make a public statement.

He lost the top job to Malcolm Turnball, who won 54 votes to 44 after a leadership spill on Monday night.





Mr Abbott has worked in Parliament for 21 years and the superannuation fund can be taken in sums of $1.53 million as opposed to the annual salary, Fairfax media reports.

He is also expected to receive other entitlements such as an additional annual salary of $300,000 to cover the costs of travel and a staffed office, following the tradition of his predecessors like Julia Gillard and Kevin Rudd.

If Mr Abbott does decide to leave Parliament, deciding what extras he gets is likely to be one of the new Prime Minister's first decisions.

Addressing the media for the first time as PM on Monday night, Mr Turnbull said: "This has been a very important day in the life of the nation."

"There has never been a more exciting time to be alive than today. There has never been a more exciting time to be an Australian."