Update: My bad. Cato the elder suggests in comments that that I have misread the section. Apologies. Carry on.
Reading through the Budget Papers I found this gem:
The Government has made a submission to the independent Remuneration Tribunal proposing to freeze the salaries and allowances of parliamentarians, departmental secretaries and all other public office holders at current levels for 12 months, over the period 1 July 2014 to 30 June 2015. The freeze will also apply to the pensions of former parliamentarians received under the closed Parliamentary Contributory Superannuation Scheme. Subject to a final determination by the Tribunal, this is expected to achieve savings of $20.0 million over four years.
A small loss of revenue associated with the resultant reduction in taxable income has been incorporated into the estimates.
Yes – that’s right. Freezing MPs salaries will result in a budget cost of $20 million over four years due to foregone tax revenue. Not a mention (that I can find so far) on the budget saving of not having to pay the increased salary in the first instance.