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The median personal income is less than $50K when you take into account unemployed and retired and other income streams, so it’s closer to 10X of the median Australian.
I suspect you are talking about the median Jobs in Australia rather than Personal Income in Australia.
Honestly I’d rather see politician remuneration indexed to minimum wage. I suspect tying the wealth of the decision makers to the minimum wage might actually make a difference to the average Australian.
https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions