What is the minimum wage for an insurance broker in Australia?

The legal minimum for an award-free insurance broker is the national minimum wage: $26.44 per hour or $1,004.90 per week from 1 July 2026. If a modern award (such as the Financial Services Award) covers the role, the award minimum may be higher. Some insurance brokers may be covered by an enterprise agreement that sets a different rate. Juniors, apprentices, and trainees can be paid less than the adult rate.

Does an insurance broker receive superannuation on top of their salary?

Yes. Employers must pay the superannuation guarantee of 12% on top of ordinary time earnings. For example, on a weekly salary of $1,004.90, the employer would contribute an additional $120.59 into the broker's super fund. This is not deducted from the salary; it is an extra payment.

How does an insurance broker salary compare to average Australian earnings?

According to the ABS May 2026 data, full-time adult ordinary-time earnings were $2,083.70 per week, and all employees average total earnings were $1,579.20 per week. An insurance broker earning at the national minimum wage of $1,004.90 per week is below both averages. However, many insurance brokers earn more than the minimum, depending on experience, qualifications, and the employer. The on-site reference does not contain a specific market rate for insurance brokers.

Insurance broker salary: legal minimum and market context

The legal minimum for an insurance broker is the national minimum wage of $26.44 per hour (or $1,004.90 per week) from 1 July 2026, but a precise market rate for this occupation is not available in the on-site reference.

Insurance broker salary: what the law says

When you search for an insurance broker salary in Australia, the first thing to understand is the legal pay floor. The national minimum wage, set by the Fair Work Commission, applies to award-free and agreement-free employees. From 1 July 2026, the adult rate is $26.44 per hour or $1,004.90 per week. Casual employees receive a 25% loading, bringing the casual rate to $33.05 per hour.

Award coverage for insurance brokers

Many insurance brokers are covered by the Financial Services Award 2010 (or a successor award). If that award applies, the minimum wage for a classification such as a Financial Services Employee Level 1 or 2 may be higher than the national minimum. The award also includes penalty rates, overtime, and allowances. From the first full pay period on or after 1 July 2026, modern award minimum wages rise by 4.75%, but the lowest ongoing classification cannot fall below the national minimum. An introductory rate (first 6 months) cannot be less than $25.74 per hour or $978.10 per week.

If your employer has an enterprise agreement, that agreement may set a different rate, but it cannot be less than the relevant award or the national minimum. Always check your pay slip and your employment contract.

Superannuation is on top

When discussing an insurance broker salary, remember that the superannuation guarantee is an employer payment on top of the salary. From 1 July 2026, the rate is 12% of ordinary time earnings. So if your base salary is $1,004.90 per week, the employer must also contribute $120.59 to your super fund. This is not part of your take-home pay but is a compulsory retirement saving.

Juniors, apprentices, and trainees

Not every insurance broker receives the adult minimum. Award-free juniors are paid a percentage of the adult rate: under 16 years old get $9.73 per hour (36.8%), 16-year-olds $12.51 per hour (47.3%), 17-year-olds $15.29 per hour (57.8%), 18-year-olds $18.06 per hour (68.3%), 19-year-olds $21.82 per hour (82.5%), 20-year-olds $25.84 per hour (97.7%), and 21 and over the full $26.44 per hour. Casual juniors also get the 25% loading. Apprentices and trainees have their own rates under the Miscellaneous Award.

Market rates and the ABS data

The on-site reference does not contain a specific survey average or market rate for an insurance broker salary. The ABS May 2026 data shows full-time adult ordinary-time earnings of $2,083.70 per week and all employees average total earnings of $1,579.20 per week. These figures include all occupations, so an insurance broker's salary could be higher or lower depending on experience, location, and employer. For a precise market rate, you would need to consult industry surveys or recruitment data, which are not part of this reference.

How the figures work

This site uses the national minimum wage and award rates as published by the Fair Work Commission. The Fair Work Ombudsman explains and enforces these rates. The adult weekly national minimum is $1,004.90 (the published figure). Multiplying $26.44 by 38 hours gives $1,004.72 due to rounding; the official weekly rate is used for calculations. Casual weekly figures are the casual hourly rate times 38 ordinary hours, with no penalty rates added.

For more detail, see the Which minimum wage applies page and the Rate tables for award classifications.

Tax and take-home pay

For the 2026-27 tax year, resident rates with the full tax-free threshold apply. Medicare levy is estimated at 2% once annualised ordinary gross earnings reach $30,000. The low-income reduction uses ATO shade-in thresholds. This model leaves out the low income tax offset, HELP repayments, salary sacrifice, and the Medicare levy surcharge. It is not a pay determination or tax advice.

Summary

An insurance broker salary starts at the legal minimum of $26.44 per hour (or $1,004.90 per week) for award-free adults, plus 12% super. If an award or agreement applies, the rate may be higher. The on-site reference does not provide a specific market rate for insurance brokers, so you should check your award classification or negotiate based on your skills and experience.

For further reading, see the Guides section and How the figures work.