The royals are fumbling their finances. But there's more to the story.

As the British royal family faces fresh scrutiny over its finances, a series of investigations and documentaries delving into where all those pounds come from (and, more tantalisingly, where they go), has them under a critical spotlight.

With Prince William's sizable salary recently revealed and The Sunday Times digging into the Crown's treasure chest, the world is now questioning the monarchy's monetary manoeuvres more than ever.

From Australia, this conversation is no less compelling: why do we remain captivated by these famously privileged few, especially when their riches raise so many eyebrows?

If you ask the average person, the royal family lives in a golden bubble of castles, jewels, and seemingly endless fortunes. But if this fairy tale is Cinderella, then there's no denying the Ugly Step-sisters have arrived. Recent investigations are showing there's more to the story of the royal riches.

Watch: What actually happens at a Royal Christmas? Post continues after video.

Where do they get their money? The primary income stream of the monarchy can be summed up in three words: the Duchy of Cornwall. This estate, which funds the Prince of Wales, gives Prince William an income that would turn most accountants pale.

Then there's the Duchy of Lancaster, a collection of land and property that bankrolls the monarch directly.

Finally, the Sovereign Grant is taxpayer-funded, theoretically for official duties and palace upkeep - so the Brits are, quite literally, paying to keep those walls standing.

If this all seems like a complicated maze of financial privilege, that's because it is. With all the wealth and property to their name, it's hard not to wonder why public funds should still play any part.

While the monarchy has taken steps to modernise, their finances remain something of a mystery, wrapped in centuries of tradition, secrecy, and little regulatory oversight.

While many are dismayed by how deep royal wallets really go, there's also something darkly entertaining about watching these supposed figureheads of tradition and charity tiptoe around their finances like high-profile financial ninjas.

The modern royals, particularly William and Kate, have put in significant PR effort to frame themselves as "of the people." However, with each new investigation or documentary, we're reminded that when it comes to the actual money trail, transparency seems a little…thin.

For instance, with William's rumoured six-figure salary, the optics alone are enough to make the average Brit squirm. After all, it's one thing to be a wealthy aristocrat, but quite another when that wealth comes from an elaborate dance of public funds, private estates, and overseas investments.

It's the epitome of "Do as I say, not as I do," as they present themselves as champions for mental health, climate action, and other noble causes. But we're all thinking it: the environmental impact of a solid gold carriage doesn't exactly scream "carbon neutral." And when Kate rocks up in a sustainably sourced blouse while dripping in diamonds worth more than a suburban house, it feels a little contradictory.

But that's part of the intrigue, isn't it? Royals, despite their claims of relatability, are figures we can gawk at because they're not like us – or at least, they're not supposed to be.

Listen to The Spill, Mamamia's entertainment podcast. Post continues after audio.

Watching their wealth unfold (or, rather, unfurl like one of those endless royal carpets) makes us feel oddly validated. For the average punter, seeing them live with such financial abandon is equal parts entertaining and infuriating. We want to judge them, but we also want to peek behind those palace doors and see just how out of touch they might be.

It's fair to ask: does the royal family's cost still make sense in a modern democracy? Surveys in recent years show Britain's younger generations are increasingly ambivalent, if not outright sceptical, about maintaining the monarchy.

Australia, too, has watched these royals with our own brand of curiosity. We're tied to the British crown by historical legacy and shared sentiment, sure, but we're also a modern nation with a robust cultural identity that has evolved well beyond those colonial roots.

We've even toyed with the idea of becoming a republic – though let's face it, the idea hasn't gained much traction. Perhaps it's because, even here, we're a little hooked on the royal soap opera. Whether we admire or mock, there's something comforting, even indulgent, about watching them play out dramas from a distance.

The fact is, the royals have managed to retain a strange allure. They represent the kind of tradition, pomp, and circumstance that feels nostalgic in a world where most things are updated or deleted every five minutes. For many Australians, it's like watching a period piece - a little surreal, a bit antiquated, but undeniably entertaining.

Watching the royals fumble with their finances feels like a guilty pleasure, one that lets us revel in the complications of wealth and privilege that we'll never face ourselves. And so, we tune in.

As long as there are documentaries, headlines, and scandals to consume, we'll keep watching, because, at the end of the day, they're the characters in the greatest show on earth. And we're the audience who just can't look away.

Learn more about the royal family:

Feature image: Getty.