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Malcolm Turnbull was formerly a senior director for Goldman Sachs.Credit:Peter Morris

The Prime Minister said Mr Fahour's salary was ultimately a matter for the corporation's independent board but agreed with host Neil Mitchell when asked whether the Australia Post boss should"take a pay cut".

"I think that would be a good thing for Ahmed to do,"he said."I think Ahmed should step back and say,here in 2017,in an economy where a lot of people are doing it pretty hard,where budgets are tight,this is too much to be paid as CEO of a government owned-postal company.

"I think most people would look at this and scratch their heads and say'give me a break'."

Mr Turnbull is a former managing director of merchant bank Goldman Sachs in Australia,but has consistently spoken out about excessive executive salaries,including as opposition leader in 2008.

Australia Post CEO Ahmed Fahour.Credit:Michael Clayton-Jones

Australia Post was forced to reveal Mr Fahour's salary at a Senate hearing this week despite attempts to keep the figure secret to avoid"unwarranted media attention".

The revelation sparked outrage,including from the Prime Minister,who described the $5.6 million pay packet as "too high" and a"very big package of remuneration for that job".

Mr Fahour's take home pay consisted of a $4.4 million salary and $1.2 million bonus – a combined value of more than 10 times Mr Turnbull's prime ministerial salary of $522,000.

It is likely Australia Post's chairman John Stanhope will be interrogated about Mr Fahour's income – and other million-dollar executive salaries at Australia Post – at a Senate estimates hearing later this month.

In a statement released earlier this week,Australia Post defended Mr Fahour's remuneration package,saying it"takes into account the size and complexity of the organisation,which has an annual turnover of more than $6 billion",and"reflects the large-scale transformation underway"in the business.

Total executive remuneration at Australia Post had not increased since 2014,it said.

Mr Turnbull was also asked about his Liberal colleague Ian Macdonald's staunch defence of the Life Gold Pass,a long-standing free travel perk for former politicians which the Prime Minister abolished this week.

"We're not conscripts,we're all volunteers,"Mr Turnbull told 3AW."If you're a politician and you think you're not being adequately paid and that upsets you then just resign,don't run again."

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