Tony Abbott’s loss of power will not leave him in poverty.

Once he leaves parliament, the former prime minister will qualify for an annual pension of $307,542, Fairfax Media reported on Tuesday.

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The rules would reportedly allow Mr Abbott to sacrifice half of this yearly amount in order to claim a lump sum of $1.53 million.

Mr Turnbull could also give his predecessor extra entitlements to cover ongoing costs, such as for staff and travel, as have been afforded to previous PMs.

As prime minister, Mr Abbott received an annual salary of $539,338.

He is currently repaying a mortgage on his home.

After being deposed on Monday night, Abbott reportedly defended his and his government’s performance.

“He said that he believed that we had been a good government in difficult circumstances and I think there was a great deal of respect for him,” Abbott supporter Kevin Andrews told the Nine network on Tuesday.