I think it's primarily due to differences of cost of living and purchasing power in India and Australia. A million dollar in India has much more purchasing power than $1.469 Million in Australia. Maybe this is why it looks like this to you. This is the sole reason why Indian celebrities look underpaid in front of there US counterparts even though Indian celebrities have crazy fan following.
Nope... I never said that the Indian players are underpaid. That is how the system in India works.
In India, we have 37 first-class sides and each of these sides have U-16, U-19, U-23 and Women's teams. The domestic cricket structure in India is huge, and it is almost 10 times the size of any other nation. The BCCI has to support huge number of players (many thousands) and they need to pay for facilities, scorers, umpires, curators.etc. So the national players are paid a smaller percentage of the total revenues when compared to the other countries.
In Australia, they have only 6 first-class sides. So a larger proportion of the revenues can be paid to the national players. That said, Indian players earn much more than the Australians or the Brits, from various sponsorship and endorsements.