Is a chief financial officer covered by a modern award?

Most CFOs are not covered by a modern award because they are managerial or professional employees whose duties and salary exceed award classifications. The Fair Work Ombudsman advises that award coverage depends on the specific industry and role. If no award applies, the national minimum wage is the legal floor, but enterprise agreements or individual contracts usually set a much higher rate.

Does the national minimum wage apply to a CFO who is under 21?

If a CFO is under 21 and award-free, junior pay rates apply as a percentage of the national minimum wage. For example, a 20-year-old award-free CFO would receive at least $25.84 per hour (97.7% of $26.44). However, it is extremely rare for a CFO to be paid at junior rates given the seniority of the role. Most CFOs are adults and receive the full adult rate or more.

How does superannuation affect a chief financial officer salary?

Superannuation is an employer contribution on top of the salary. From 1 July 2026, the super guarantee is 12% of ordinary time earnings. For a CFO earning $200,000 per year, the employer must pay an additional $24,000 into super. The national minimum wage of $26.44 per hour also attracts the 12% super, meaning the total employment cost is at least $29.61 per hour for an award-free adult.

Chief Financial Officer Salary in Australia: Which Pay Floor Applies and What People Mix Up

The legal minimum for an award-free adult CFO is the national minimum wage of $26.44 per hour or $1,004.90 per week, but actual salaries are far higher and set by negotiation or enterprise agreement.

What Is the Legal Minimum for a Chief Financial Officer Salary?

When people search for a “chief financial officer salary” in Australia, they often expect a single number. In reality, the pay floor depends on whether the role is covered by a modern award, an enterprise agreement, or is award-free. The legal minimum for an award-free adult CFO is the national minimum wage set by the Fair Work Commission. As of 1 July 2026, that rate is $26.44 per hour or $1,004.90 per week for 38 ordinary hours. A casual CFO would receive at least $33.05 per hour (including the 25% casual loading).

However, no experienced CFO works for the national minimum wage. The role is senior and typically falls outside award coverage because of its managerial and professional nature. The Fair Work Ombudsman explains that if an award does not cover the occupation, the national minimum wage is the backstop. Most CFOs are employed under individual contracts or enterprise agreements that set salaries many times higher.

Award Rates and the CFO Role

Some industries have awards that include classifications for senior financial officers. For example, the Clerks—Private Sector Award or the Banking, Finance and Insurance Award might cover financial managers below the CFO level. But a genuine CFO—responsible for strategic direction, statutory reporting, and board-level decisions—is usually classified as a managerial employee not covered by an award. The Fair Work Commission’s Modern Awards Pay Database lists minimum rates for classifications, but none specifically for a chief financial officer. If an award does apply, the minimum wage in that award cannot be less than the national minimum wage after the 4.75% increase from 1 July 2026. Introductory rates (limited to six months) can be as low as $25.74 per hour, but that is unlikely for a CFO.

How the National Minimum Wage Compares to Actual CFO Pay

The Australian Bureau of Statistics (ABS) reports that full-time adult ordinary-time earnings were $2,083.70 per week in May 2026. That is roughly double the national minimum wage. A CFO’s salary is typically far above that average. According to general market data (not from the provided search results), CFO salaries in Australia often range from $180,000 to $400,000 per year, plus superannuation. The legal minimum is merely a floor; the actual rate is negotiated.

Superannuation: An Employer Payment on Top

Whenever discussing a chief financial officer salary, remember that superannuation is an additional cost for the employer. The super guarantee is 12% of ordinary time earnings from 1 July 2026. For a CFO earning $200,000, the employer pays $24,000 into super. Even at the national minimum wage, the employer must contribute 12% on top of the $26.44 per hour, making the total employment cost at least $29.61 per hour for an award-free adult.

Common Misunderstandings

One mix-up is assuming the national minimum wage applies to everyone. Junior employees, apprentices, and trainees can be paid less. For example, an award-free 17-year-old CFO (theoretically) could be paid $15.29 per hour. But in practice, a CFO is almost always an adult. Another confusion is between the national minimum wage and award rates. The Fair Work Ombudsman clarifies that award rates often include penalty rates and allowances that can make the minimum higher than the national figure. However, for a CFO, the award likely does not apply.

Where to Find the Right Minimum Wage

If you are unsure whether a modern award covers a chief financial officer role, use the Fair Work Ombudsman’s Pay and Conditions Tool. For award-free employees, the national minimum wage is the baseline. Enterprise agreements can set higher rates. For more detail, see our Which minimum wage applies guide and Rate tables for current figures.

Key Takeaways

The legal minimum for an award-free adult CFO is $26.44 per hour (or $1,004.90 per week) as of 1 July 2026.
Actual CFO salaries are negotiated and far exceed the minimum.
Superannuation of 12% is paid on top of the salary.
Junior rates, introductory award rates, and supported wages can be lower, but are rarely relevant for a CFO.
Always check award coverage and enterprise agreements before setting a pay rate.

For more information, explore our Guides on pay calculations and How the figures work.