What is the minimum wage for an actuary in Australia?

The minimum wage for an actuary depends on whether they are covered by a modern award or enterprise agreement. If covered by an award, the award rate applies and must be at least the national minimum wage ($26.44 per hour from 1 July 2026). If award-free, the national minimum wage applies. Most actuaries are professionals and likely fall under the Professional Employees Award 2020, which sets higher minimum rates than the national minimum.

Are actuaries covered by a specific award?

Yes, actuaries are typically classified under the Professional Employees Award 2020, which covers employees in professional, scientific, and technical services. The award includes classification levels with minimum pay rates above the national minimum. You should check the award classification that matches your role and experience. The Fair Work Commission's Modern Awards Pay Database provides the current rates.

How does superannuation affect an actuary's take-home pay?

Superannuation is paid on top of your ordinary time earnings. From 1 July 2026, the super guarantee rate is 12% of your ordinary time earnings. This means if your base salary is $80,000, your employer must contribute an additional $9,600 to your super fund. Super is not part of your take-home pay but is a compulsory benefit for your retirement.

Actuary salary: what the minimum wage and award rates mean for actuaries in Australia

The legal minimum for an actuary covered by a modern award is at least the national minimum wage of $26.44 per hour, but the actual award rate may be higher. No official median actuary salary is published by the ABS.

Actuary salary: what you need to know about minimum pay

When researching an actuary salary in Australia, it's important to separate the legal minimum from survey averages and negotiated rates. The Australian Bureau of Statistics (ABS) does not publish a median weekly earnings figure for actuaries at the six-digit occupation level (ANZSCO 224111). The Jobs and Skills Australia profile for actuaries notes that median weekly earnings are not produced for six-digit occupations, so no official median is available from that source. This guide focuses on the legal minimum pay that applies to actuaries.

The legal minimum: national minimum wage and award rates

All employees in Australia are entitled to a minimum wage. For most actuaries, the minimum is set by the modern award that covers their industry. The Fair Work Commission sets the national minimum wage, and the Fair Work Ombudsman explains and enforces it. From 1 July 2026, the national minimum wage is $26.44 per hour or $1,004.90 per week for a full-time adult employee not covered by an award.

However, actuaries are typically employed in financial and insurance services or professional, scientific and technical services. These industries are covered by modern awards, most likely the Professional Employees Award 2020. Under an award, the minimum pay rate is the classification rate specified in the award, which is almost always higher than the national minimum wage. The award also includes penalty rates, overtime, and allowances that can increase pay further. If an enterprise agreement applies, the rates in that agreement take precedence, provided they are not less than the award.

What the data shows about actuaries

According to the Jobs and Skills Australia profile (based on ABS 2021 Census and Labour Force Survey), actuaries are a young, full-time profession:

Median age: 33 years
Share working full-time: 89%
Average full-time hours per week: 43 hours
Female share: 34%

Most actuaries work in Financial and Insurance Services or Professional, Scientific and Technical Services. Because the vast majority work full-time, casual loading (25% on top of the minimum hourly rate) is less common but applies if an actuary is employed as a casual.

How superannuation fits in

Superannuation is an employer contribution paid on top of your ordinary time earnings. From 1 July 2026, the super guarantee rate is 12%. For example, if your award or agreement sets a weekly salary of $2,000, your employer must also contribute $240 to your super fund. Super is not deducted from your pay; it is an additional cost to the employer.

Comparing the minimum to actual pay

Without a published median from the ABS, it's difficult to benchmark an actuary salary against a national average. The ABS May 2026 data shows full-time adult average weekly ordinary time earnings of $2,083.70 and all employees average total earnings of $1,579.20 per week. Actuaries, being highly skilled professionals, typically earn above these averages, but the exact figure depends on experience, location, and employer.

Award-free actuaries and junior rates

If an actuary is not covered by any award or agreement (rare for this profession), the national minimum wage applies. Junior rates for award-free employees under 21 are a percentage of the adult rate. However, given the median age of 33, junior rates are unlikely to apply to most actuaries.

Where to find the right rate

To determine the correct minimum pay for an actuary, you need to identify the applicable modern award and classification. The Fair Work Commission's Modern Awards Pay Database contains the calculated minimum rates, allowances, and penalty rates for each award. You can also use the Fair Work Ombudsman's Pay and Conditions Tool. For more guidance, see Which minimum wage applies and Rate tables on this site.

Important notes

The information on this page is a guide only and does not constitute legal or tax advice. The national minimum wage and award rates are reviewed annually by the Fair Work Commission. Always check the latest figures from the Fair Work Ombudsman or your award. If you are covered by an enterprise agreement, that agreement sets your minimum pay. For award-covered employees, the award rate is the legal minimum, and your employer cannot pay less.

For the published floors, see the rate tables and how the figures work.