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Australia's cricketers set for a pay rise

They have just suffered the nation's worst defeat in over four decades, but Australia's leading cricketers are set to receive a pay rise.

In an incredible case of bad timing, up to eight cricketers who failed in India are reportedly set for six-figure pay increases in the latest round of Cricket Australia contracts.

With veterans Ricky Ponting and Mike Hussey retired and Brad Haddin's international career in decline, several under-performing players are set to move up the rankings of Australian cricket.

Cricket Australia will soon revise its 17-man contract list, which offers payments of anywhere between $2 million and $230,000.

Players are ranked on the list according to their contribution over the previous 12 months in all three forms of the game.

Captain Michael Clarke will deservedly be ranked No.1 and earn a contract worth $2 million.

But under-performing players are set to be upgraded or join the list for the first time, which is difficult to fathom given their woeful performance in India.

According to News Ltd, wicketkeeper Matthew Wade will be a big winner after establishing himself as Australia's No.1 keeper in all forms of the game.

Batsmen Ed Cowan and Phillip Hughes are also likely to make the list after earning regular selection at the top of the order, while all-rounders Moises Henriques and Glenn Maxwell could make this list for the first time.

Players are already paid handsomely just for the honour of representing their country - $14,000 for each Test match, $5600 for a one-day international and $4200 for a Twenty20 international.

They are also awarded bonuses for every match they win, so it's fair to say our cricketers would have been a little light in the pocket after the winless tour of India.

The list of contracted players was recently reduced from 25 to 17 after it was decided too many fringe players were overpaid.

Perhaps it's time for that list to be shortened even further.