What is the minimum wage for an actuary in Australia?

There is no specific minimum wage for actuaries published by the Fair Work Ombudsman or Fair Work Commission. Most actuaries are covered by a professional award (such as the Professional Employees Award) or an enterprise agreement, which sets a minimum rate higher than the national minimum wage. The national minimum wage of $26.44 per hour (from 1 July 2026) is the absolute floor for award‑free employees, but actuaries almost never fall into that category.

How does an actuarial salary compare with average earnings?

According to the ABS (May 2026), full‑time adult ordinary‑time earnings are $2,083.70 per week, and all employees average total earnings are $1,579.20 per week. Actuarial salaries are typically well above these averages, reflecting the specialised skills and qualifications required. However, the exact figure depends on experience, location, and employer.

Does superannuation count as part of the actuarial salary?

No. Superannuation (currently 12% of ordinary time earnings) is an employer contribution paid on top of the salary. When comparing a salary offer to the minimum wage, always look at the gross base pay before super. The national minimum wage and award rates are also quoted before super.

How the actuarial salary compares with Australia's minimum wage floor

No specific actuarial award rate is published by Fair Work; the national minimum wage of $26.44/h is the absolute floor, but actuaries are typically covered by professional awards or agreements that pay significantly more.

Actuarial salary and the minimum wage floor

When you hear the term actuarial salary, it usually refers to the total compensation package for a qualified actuary. But if you are checking whether a pay rate meets the legal minimum, you need to separate the floor from the market rate. This guide explains how the national minimum wage, award rates, and average earnings relate to an actuarial role.

The legal minimum: what every worker must get

Australia’s national minimum wage is set by the Fair Work Commission. From 1 July 2026, the rate is $26.44 per hour or $1,004.90 per week for a 38‑hour week. This applies to employees who are not covered by a modern award or enterprise agreement. Casual employees receive a 25% loading, making the casual rate $33.05 per hour.

However, most actuaries are covered by an award. The relevant award is likely the Professional Employees Award or a similar industry award. Award rates are generally higher than the national minimum wage. From 1 July 2026, minimum award wages increased by 4.75%, but the lowest ongoing classification cannot fall below the national minimum. Some awards have introductory rates for the first six months (minimum $25.74 per hour or $978.10 per week).

Because actuaries are highly skilled professionals, their classification under an award will be at a higher level, meaning the minimum pay is well above the national floor. Always check the specific award using the Fair Work Ombudsman’s Pay and Conditions Tool. You can also visit our Which minimum wage applies page for guidance.

Award rates vs. negotiated salaries

An award sets the minimum – an employer can always pay more. Many actuaries are employed under enterprise agreements or individual contracts that offer salaries far above the award minimum. The actuarial salary you see in job advertisements is almost always a negotiated figure, not a legal minimum.

For context, the Australian Bureau of Statistics (May 2026) reports that full‑time adult ordinary‑time earnings average $2,083.70 per week (about $108,350 per year). All employees average total earnings are $1,579.20 per week (about $82,120 per year). Actuarial salaries typically exceed these averages, especially for qualified fellows.

Superannuation is extra

Remember that superannuation (currently 12%) is paid on top of the salary. When comparing an actuarial salary to the minimum wage or award rate, look at the gross base pay before super. The national minimum wage and award rates are also quoted before super.

What if there is no award?

If an actuary is truly award‑free (rare), the national minimum wage applies. But even then, the rate may be higher for juniors, apprentices, or trainees. For award‑free junior employees, the percentages of the national minimum wage are:

Under 16: 36.8% ($9.73/h, casual $12.16/h)
16: 47.3% ($12.51/h, casual $15.64/h)
17: 57.8% ($15.29/h, casual $19.11/h)
18: 68.3% ($18.06/h, casual $22.58/h)
19: 82.5% ($21.82/h, casual $27.28/h)
20: 97.7% ($25.84/h, casual $32.30/h)
21 and over: 100% ($26.44/h, casual $33.05/h)

These rates are unlikely to apply to a qualified actuary, who would be over 21 and covered by an award.

How to check your own actuarial salary

If you are an actuary or employer wanting to confirm the correct minimum, follow these steps:

Identify the correct modern award using the Fair Work Ombudsman’s tool or our Rate tables.
Find the classification that matches the role (e.g., “Professional employee level 1” or similar).
Compare the award rate (including any allowances) to the offered salary.
Remember that super is on top.

If the role is covered by an enterprise agreement, the agreement rate applies as long as it is not less than the award.

A note on data sources

The figures in this guide come from the Fair Work Ombudsman, the Fair Work Commission, and the Australian Bureau of Statistics. The Fair Work Commission sets the national minimum wage; the Ombudsman explains and enforces it. The ABS provides average earnings data. No precise “actuarial salary” figure is published by these bodies because it varies widely by employer and experience.

For more detail on how we calculate these figures, see our How the figures work page.

Summary

The national minimum wage is $26.44/h (adult, award‑free).
Most actuaries are covered by an award with higher minimums.
Award rates increased by 4.75% from 1 July 2026.
Super (12%) is paid on top of the salary.
Average full‑time earnings are about $2,084 per week.
Use the Pay and Conditions Tool to find your exact award rate.

If you have further questions about how the minimum wage applies to an actuarial role, explore our Topics section or the Fair Work Ombudsman’s website.