The nation's federal politicians will have a bit more cash in their bank accounts when they return to Canberra following the election, after being awarded a pay rise for the new financial year.

Key points: Minimum pay for federal politicians set to surpass $211,000 thanks to 2 per cent increase

Minimum pay for federal politicians set to surpass $211,000 thanks to 2 per cent increase Scott Morrison's prime ministerial pay to grow $11,000 to more than $549,000

Scott Morrison's prime ministerial pay to grow $11,000 to more than $549,000 New Labor leader Anthony Albanese will take home around $390,000

The independent Remuneration Tribunal has given all members and senators a 2 per cent pay rise, in recognition of what it describes as a need to "provide competitive and equitable remuneration" for prospective politicians "sufficient to attract and retain people of calibre".

The timing of the pay rise will be hard to accept for some of the nation's lower-paid workers, as it coincides with the next round of penalty rate cuts ordered two years ago by the independent Fair Work Commission.

A backbench member or senator was on an annual salary of $207,000 for this financial year. That will increase to more than $211,000 next year.

They receive more money if they have extra roles, such as chairing any parliamentary committees.

The pay rise is above inflation, which was 1.3 per cent in the first quarter of this year.

Fresh from his election victory, Prime Minister Scott Morrison will pocket an extra $11,000, taking his annual salary to more than $549,000.

As he balances the nation's books, Treasurer Josh Frydenberg's own coffers will be around $8,000 healthier. His salary will rise to more than $433,000.

Taking the reins of the Labor party has not only fulfilled Anthony Albanese's professional ambitions, but it has also improved his financial standing.

As a senior Labor frontbencher, Mr Albanese would have been earning about $259,000 a year.

As Opposition Leader, he will earn around $390,000 from July 1.

The Remuneration Tribunal makes decisions about all pay rates for public officers. Some government departments and agencies have also agreed to a 2 per cent pay rise for their staff.

One of its main considerations is ensuring salaries for public roles can be competitive with the private sector.