Finance Broker Salary: Minimum Award Rates vs Median Earnings in Australia

Understanding the finance broker salary landscape

When researching a finance broker salary in Australia, it is essential to distinguish between the legal minimum pay floor and the typical earnings reported in surveys. The two figures serve different purposes: the minimum is set by awards or the national minimum wage, while the median reflects what experienced full-time workers actually earn. This guide explains both, using the most current public data from the Fair Work Ombudsman, the Fair Work Commission, and the Australian Bureau of Statistics (ABS).

The legal minimum: award rates and the national minimum wage

Most finance brokers are employees covered by the Banking, Finance and Insurance Award (MA000019). The Fair Work Ombudsman publishes a pay guide for this award, which shows the minimum rates that apply from the first full pay period on or after 1 July 2026. For a full-time adult employee at Level 1, the minimum weekly wage is $1,024.70, equivalent to $26.97 per hour. Casual employees receive $33.71 per hour, which includes the 25% casual loading.

The award has six classification levels. A Level 6 employee, for example, earns at least $1,446.80 per week ($38.07 per hour). The exact level depends on the duties and responsibilities of the role. If an employee is not covered by any award, the national minimum wage of $26.44 per hour ($1,004.90 per week) applies, as set by the Fair Work Commission. However, award-free employment is rare in the finance broking industry.

Importantly, the award rates are minimums only. An enterprise agreement or individual contract can set a higher rate. The Fair Work Commission determines the national minimum wage each year, while the Fair Work Ombudsman provides guidance and enforces compliance. For more detail on which pay floor applies to you, see Which minimum wage applies.

The median finance broker salary from the ABS

The ABS Survey of Employee Earnings and Hours (May 2025) provides a reliable benchmark for typical earnings. For the occupation group Financial Brokers (ANZSCO 2221), the median full-time weekly earnings before tax are $2,576. This translates to approximately $70 per hour based on a 38-hour week. The median is calculated for full-time non-managerial adult employees, excluding part-time workers and juniors, to give a clearer picture of mainstream earnings.

It is important to note that this median is not a minimum or a guarantee. It reflects the middle point of all reported salaries, meaning half of full-time finance brokers earn more and half earn less. Factors such as experience, location, specialisation (e.g., mortgage broking, insurance broking, or commodities trading), and commission structures can push earnings well above or below this figure.

How the figures compare

The gap between the award minimum ($26.97/h) and the ABS median ($70/h) is substantial. This is typical for occupations where performance-based pay and commissions are common. The award rate is designed as a safety net for the least experienced or lowest-skilled workers, while the median captures the broader market, including senior brokers and those with strong client bases.

For a clearer breakdown of how different rates stack up, visit our How the figures work page, which explains the methodology behind the national minimum, award rates, and survey averages.

Superannuation: an extra cost on top

All salary figures mentioned – whether award rates or the ABS median – are before tax and do not include superannuation. Employers must pay the super guarantee, which from 1 July 2026 is 12% of ordinary time earnings. For a finance broker earning the award minimum of $1,024.70 per week, the employer contributes an additional $122.96 in super. On the median $2,576 per week, the super contribution would be $309.12. This is a key consideration when comparing job offers or negotiating a salary.

What about juniors, apprentices, and casuals?

Not all finance brokers are adult full-time employees. The award provides junior rates for employees under 21, which are a percentage of the adult rate. For example, a 17-year-old full-time Level 1 employee earns $15.29 per hour. Casual employees receive a loading but no paid leave. Apprentices and trainees may have separate rates under the Miscellaneous Award if award-free. Always check the specific award classification and your age or training status.

Summary

In short, the finance broker salary in Australia has two key reference points:

• Legal minimum: $26.97 per hour under the Banking, Finance and Insurance Award (Level 1 adult full-time) or $26.44 per hour if award-free.
• Market median: $2,576 per week ($70 per hour) according to the ABS.

Neither figure includes superannuation. The award rate is the floor; the median is a guide to typical earnings. For personalised advice, consult the Fair Work Ombudsman or a workplace relations professional.

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