Finance Salary Minimum Rates Under the Banking, Finance and Insurance Award 2026
For finance employees covered by the Banking, Finance and Insurance Award, the minimum hourly rate from 1 July 2026 is $26.97 for Level 1, rising to $38.07 for Level 6, with a casual loading of 25%.
Understanding the Finance Salary Minimum Wage
If you work in banking, finance or insurance, your minimum pay is likely set by the Banking, Finance and Insurance Award (the Award). This guide explains the current minimum rates from 1 July 2026, how they compare to the national minimum wage, and what you need to know about casual loading, junior rates, and superannuation.
Legal Minimum vs Award Rate
Australia has a national minimum wage set by the Fair Work Commission. From 1 July 2026, it is $26.44 per hour or $1,004.90 per week for adult award-free employees. However, most finance roles are covered by the Banking, Finance and Insurance Award, which sets higher minimum rates. The Award is a legal minimum – your employer cannot pay you less than the rate for your classification.
Some employers have an enterprise agreement that may provide different (usually higher) rates. If you are award-free and agreement-free, the national minimum wage applies. Always check which instrument covers you.
Award Minimum Rates (from 1 July 2026)
The Fair Work Ombudsman publishes a Pay Guide for the Award. The following are the minimum weekly and hourly rates for adult full-time and part-time employees:
| Classification | Weekly pay | Hourly pay |
|---|---|---|
| Level 1 | $1,024.70 | $26.97 |
| Level 2 | $1,119.10 | $29.45 |
| Level 3 | $1,182.10 | $31.11 |
| Level 4 | $1,241.40 | $32.67 |
| Level 5 | $1,291.80 | $33.99 |
| Level 6 | $1,446.80 | $38.07 |
These rates apply to ordinary hours (38 per week). Penalty rates apply for shift work, weekends, and public holidays. For example, a Level 1 employee working a Sunday gets $60.68 per hour.
Casual Loading
Casual employees receive a 25% loading on the minimum hourly rate. This compensates for not receiving paid leave. For Level 1 casuals, the rate is $33.71 per hour. The loading applies to all ordinary hours and penalty rates are calculated on the loaded rate.
Junior Rates
Employees under 21 receive a percentage of the adult rate, depending on age and classification. For example, a Level 1 junior under 17 years gets $13.48 per hour (full-time) or $16.85 casual. The percentages vary by level. Junior rates are set out in the Award and cannot be undercut.
Superannuation Guarantee
On top of your gross pay, your employer must contribute superannuation at 12% of your ordinary time earnings. This is not deducted from your pay – it is an additional payment into a super fund. For a Level 3 employee earning $1,182.10 per week, the super contribution is about $141.85 per week.
Comparison to National Minimum Wage
The Award rates are all above the national minimum wage of $26.44 per hour. Even the lowest Award classification (Level 1) is $0.53 higher. However, if your Award classification has an introductory rate (e.g., first 6 months), that rate cannot fall below $25.74 per hour or $978.10 per week. The Award’s ongoing minimum rates are the legal floor for covered employees.
How to Check Your Rate
Use the Fair Work Ombudsman’s Pay and Conditions Tool to calculate your exact minimum entitlements. You can also download the Award Pay Guide from the Fair Work website.
For more information on which minimum wage applies to you, see our Which minimum wage applies guide. For detailed rate tables, visit Rate tables.
Key Takeaways
- The Banking, Finance and Insurance Award sets minimum pay rates for most finance roles.
- Adult full-time rates range from $26.97 to $38.07 per hour.
- Casuals get a 25% loading.
- Junior rates are lower but still above the national minimum for juniors.
- Superannuation is paid on top at 12%.
- Your employer must pay at least the Award rate – if they don’t, contact the Fair Work Ombudsman.
Questions people ask next
Does the Banking, Finance and Insurance Award cover all finance jobs?
No. The award covers employees in the banking, finance and insurance industry, including banks, building societies, credit unions, insurance companies, and financial planning firms. However, some employers may have an enterprise agreement that overrides the award, or employees may be award-free and covered by the national minimum wage. Check your employment contract or ask your employer which instrument applies.
What is the casual loading under the award?
Casual employees under the Banking, Finance and Insurance Award receive a 25% loading on the minimum hourly rate. For example, a Level 1 casual gets $33.71 per hour (compared to $26.97 for full-time). This loading is in lieu of paid leave entitlements.
Are junior rates lower under this award?
Yes. The award has specific junior rates for employees under 21. For example, a Level 1 full-time junior under 17 years gets $13.48 per hour (50% of the adult rate). The percentages vary by age and classification. Junior rates cannot be less than the national minimum wage for juniors if award-free, but the award rates are typically higher.
Related guides
- Finance manager salary: award coverage versus award-free rates
For award-free finance managers, the legal minimum is the national minimum wage of $26.44 per hour, but most finance managers typically earn significantly more through enterprise agreements or individual contracts.
- Finance Broker Salary: Minimum Award Rates vs Median Earnings in Australia
The legal minimum for a finance broker covered by the Banking, Finance and Insurance Award is $26.97 per hour (Level 1 adult full-time) from 1 July 2026, while the ABS reports a median full-time earnings of $2,576 per week ($70 per hour).
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The national minimum wage for award-free adult employees is $26.44 per hour or $1,004.90 per week, but finance analysts are typically covered by an award or agreement that sets a higher rate.