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Tony Abbott Will Get A Pension Of $6000 A Week After Being Booted From Parliament

The former Member for Warringah just lost his seat -- but is about to get a big pay rise.

Tony Abbott lost the blue-ribbon Sydney seat of Warringah in Saturday's election, after serving his electorate for 25 years.

After he was overthrown for the Liberal leadership in 2015 and returning to the backbenches, Abbott has been earning a tidy sum of more than $200,000 -- the base salary for a member of parliament.

But now that he's left politics, Abbott will get $307,542 a year for doing absolutely nothing.

Tony Abbott after conceding the seat of Warringah. Photo: AAP

The base payment for a retired politicians pension is $118,000, but allowances for the amount of time served as a minister can increase that amount significantly -- hence Abbott's substantial sum, after three years as Prime Minister and longer as opposition leader.

READ MORETony Abbott Has Spectacularly Lost Warringah

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If he wants, Abbott can take the payment as a yearly salary, or choose to receive a lump sum of $1.53 million and another $153,771 each year.

It may be a hefty increase from his backbencher pay, but Abbott was earning $539,338 a year when he was Prime Minister.

Tony Abbott served Warringah for 25 years. Photo: Getty

There's also the perks Abbott is entitled to as a former minister.

Because he became a politician before July 2012 -- when ex-pollies' perks were changed and made far less generous -- Abbott is eligible for a Life Gold Pass, meaning he can travel anywhere in Australia on "non-commercial" purposes for free.

As a former prime minister he is also able to receive “a number of facilities at the discretion of the prime minister of the day”. This can be anything from car costs to office stationary.

The generous retirement scheme afforded to politicians costs tax payers over $40 million a year.

Photo: Getty

Abbott lost Warringah to the Independant candidate Zali Steggall, ending the Liberal Party's stranglehold on the seat.

He congratulated Steggall on a "magnificent win", and said he looked back at his 25 years in parliament "with immense pride and satisfaction".

"I'd rather be a loser than a quitter," he told his supporters during his concession speech.

"Obviously, there are some things that, with the wisdom of hindsight, might have been done differently and better.

"But I've gotta say that I can look back on the last 25 years -- and I do look back on the last 25 years -- with immense pride and satisfaction."

Photo: AAP

While admitting defeat in his own electorate, he said the night wasn't a complete loss for his party.

"This is a really extraordinary result, it is a stupendous result, it is a great result for Scott Morrison and the rest of the wider Liberal team," he said.

Abbott's next career move is uncertain at this point, but there is plenty of talk he will take up the role of U.S. Ambassador in Washington D.C..