What is the minimum wage for an actuarial science graduate in Australia?

There is no single minimum wage for actuarial science graduates. If you are award-free and over 21, the national minimum wage is $26.44 per hour ($1,004.90 per week) from 1 July 2026. However, many graduates are covered by a modern award (such as the Professional Employees Award) or an enterprise agreement, which may set a higher rate. The Fair Work Ombudsman can help identify the correct award.

How does the median actuarial science salary compare to the national minimum wage?

According to Jobs and Skills Australia, the median weekly earnings for full-time actuaries, mathematicians and statisticians is $2,213, well above the national minimum of $1,004.90 per week. This reflects the specialised skills and qualifications required. Remember that the median is a survey average, not a legal entitlement; your actual pay depends on your employer, experience, and any applicable award or agreement.

Do actuarial science roles usually fall under a modern award?

Many actuarial roles are in industries such as financial and insurance services, professional services, and public administration, which are often covered by modern awards. For example, the Banking, Finance and Insurance Award or the Professional Employees Award may apply. If you are award-free, the national minimum wage is the floor. Always check with the Fair Work Ombudsman or your employer to confirm coverage.

Actuarial Science Salary: Award Coverage vs Award-Free Rates

The national minimum wage for award-free actuarial roles is $26.44 per hour from 1 July 2026, but the median full-time salary for actuaries and statisticians is $2,213 per week according to Jobs and Skills Australia.

Understanding the Actuarial Science Salary Landscape

When researching an actuarial science salary in Australia, it is essential to separate the legal minimum from survey averages, award rates, and negotiated salaries. This guide explains the pay floor for actuarial roles, how award coverage works, and where the median earnings sit.

The Legal Minimum for Actuarial Science Roles

The national minimum wage, set by the Fair Work Commission, is the baseline for award-free employees. From 1 July 2026, the adult rate is $26.44 per hour or $1,004.90 per week for a 38-hour week. Casual employees receive a 25% loading, bringing the casual rate to $33.05 per hour. These rates apply to national-system employees who are not covered by a modern award or enterprise agreement.

However, not every worker must receive $26.44 per hour. Junior employees (under 21), apprentices, trainees, and those on introductory award rates may be paid less. For example, award-free juniors aged 18 receive 68.3% of the adult rate ($18.06 per hour). The Fair Work Ombudsman provides detailed percentage tables.

Superannuation is an employer payment on top of these rates. The super guarantee is 12% of ordinary time earnings, so the total cost to an employer for an award-free adult is $26.44 plus $3.17 in super, totalling $29.61 per hour.

Award Coverage for Actuaries and Statisticians

Many actuarial science roles are covered by modern awards. According to Jobs and Skills Australia, actuaries, mathematicians and statisticians work predominantly in financial and insurance services, professional, scientific and technical services, and public administration. These industries often have awards such as the Banking, Finance and Insurance Award or the Professional Employees Award.

If a modern award applies, the minimum rate for your classification will be higher than the national minimum wage. For example, the Professional Employees Award sets minimum salaries for degree-qualified professionals. You should check the award that covers your role using the Fair Work Ombudsman's tools. An enterprise agreement can also set higher rates.

For award-free employees, the national minimum wage is the only legal floor. However, most actuarial professionals earn well above this due to market demand and qualifications.

Survey Averages: What the Data Shows

The Australian Bureau of Statistics, through Jobs and Skills Australia, reports median weekly earnings for full-time actuaries, mathematicians and statisticians at $2,213 (before tax). Median hourly earnings are $58. These figures are from the ABS Survey of Employee Earnings and Hours, May 2023. They are survey averages, not legal entitlements.

Compare this to the national minimum of $1,004.90 per week. The median is more than double the minimum, reflecting the specialised nature of actuarial work. The average full-time adult ordinary-time earnings across all occupations is $2,083.70 per week (ABS May 2026), so actuaries and statisticians earn slightly above the national average.

Remember that these medians include all experience levels. Entry-level actuarial salaries are typically lower, while senior roles can exceed $150,000 annually.

Negotiated Salaries and Enterprise Agreements

Beyond award rates, many actuarial professionals negotiate individual contracts or are covered by enterprise agreements. These can set salaries above the award minimum. For example, a large insurer may have an enterprise agreement that provides higher pay, bonuses, and other benefits.

When comparing offers, always consider the total remuneration package, including superannuation (12% on top), performance bonuses, and leave entitlements. The national minimum wage is the absolute floor; your actual salary should reflect your skills, experience, and the market rate.

For more details on how minimum wages apply to your situation, see Which minimum wage applies and Rate tables.

Summary

The legal minimum for award-free adults is $26.44 per hour ($1,004.90 per week) from 1 July 2026.
Many actuarial roles are covered by modern awards that set higher rates.
The median full-time salary for actuaries and statisticians is $2,213 per week, well above the minimum.
Superannuation of 12% is paid on top of ordinary time earnings.
Always check your award or agreement; the national minimum is only the starting point.

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