Investment banking salary in Australia: award coverage vs award-free rates
The legal minimum for award-covered investment banking roles is set by the Banking, Finance and Insurance Award (Level 1 $26.97/h), but most investment banking salaries far exceed the national minimum wage of $26.44/h.
Investment banking salary: what the law requires vs what the market pays
When you search for "investment banking salary" in Australia, you are likely looking for a market rate rather than a legal minimum. This guide separates the two. The Fair Work Commission sets the national minimum wage, while the Fair Work Ombudsman explains and enforces it. For most investment banking roles, the legal floor is either the national minimum wage or a modern award rate, but actual pay is far higher.
The legal minimum: award coverage or award-free
If an investment banking role is covered by the Banking, Banking, Finance and Insurance Award (Banking Award)**, the minimum hourly rates from 1 July 2026 range from $26.97 (Level 1) to $38.07 (Level 6) per hour for full-time employees. Casual rates include a 25% loading. These rates apply to classifications such as clerical, administrative, and some para-professional roles. However, many investment banking positions—especially analysts, associates, and above—fall outside the award because their duties are professional or managerial, or because the employee earns above the high income threshold ($190,100 from 1 July 2026).
For award-free employees, the national minimum wage of $26.44 per hour ($1,004.90 per week) applies. Superannuation (12% on top) is paid on top of ordinary time earnings. Juniors, apprentices, and trainees, and some introductory award rates can be lower. The award backstop ensures no ongoing employee falls below $26.44/h.
Award rates for investment banking roles
The Banking Award does not have a specific classification called "investment banker. Instead, roles like "financial analyst" or "financial dealer" may be at Level 5 or Level 6. The rates are low compared to market rates. For example, a Level 6 full-time hourly rate is $38.07/h. A typical investment banking analyst in a major bank or boutique firm will be paid well above that.
Market averages: what the ABS says
The Australian Bureau of Statistics (ABS) May 2026 reports full-time adult ordinary-time earnings of $2,083.70 per week. That is about $108,352 annually. Investment banking salaries often start around $90,000 to $110,000 for analysts, and can exceed $200,000 for vice presidents. These are not set by any award or agreement; they are negotiated individually.
How the figures work
[How the figures work](/method] explains that the national minimum is a floor, not a target. The Fair Work Commission sets the rate; the Fair Work Ombudsman enforces it. The award can require a higher rate.
Which minimum applies to you? [Which minimum wage applies](/] Use the Pay and Conditions Tool or check the award coverage clause.
Summary table of pay floors
| Category | Hourly rate (1 July 2026) | Weekly (38h) | Casual hourly (incl. loading) |
|---|---|---|---|
| National minimum wage | $26.44 | $1,004.90 | $33.05 |
| Banking Award Level 1 | $26.97 | $1,024.70 | $33.71 |
| Award-free junior (under 21) | $9.73 (varies) | $ varies |
Note: Super is on top. The adult national minimum is $26.44/h. Juniors, apprentices, trainees can be lower.
FAQs
What is the minimum wage for an investment banking salary?
The Banking Award covers some roles. If you are award-free, the national minimum applies. Most investment banking roles are award-free.
Does the Banking Award apply to all investment banking roles?
No. It covers clerical, administrative, some professional roles. Senior roles are award-free.
How does investment banking salary compare to the national average?
The ABS says $2,083.70 per week. Investment banking salaries are much higher.
About this site
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For the published floors, see the rate tables and how the figures work.
Questions people ask next
What is the minimum wage for an investment banking analyst in Australia?
If the role is covered by the Banking, Finance and Insurance Award, the minimum hourly rate for a Level 1 employee is $26.97 (full-time) from 1 July 2026. However, most investment banking roles are classified at higher levels or are award-free, meaning the national minimum wage of $26.44/h applies as a floor. Enterprise agreements or individual contracts typically set much higher rates.
Does the Banking, Finance and Insurance Award apply to all investment banking jobs?
No. The award covers clerical, administrative, and some professional roles in banking and finance, but senior investment bankers, traders, and executives are often award-free because their duties and earnings exceed the award's scope. In those cases, the national minimum wage is the only statutory minimum, and actual pay is determined by contract or enterprise agreement.
How does the investment banking salary compare to the national average earnings?
According to the ABS (May 2026), full-time adult ordinary-time earnings are $2,083.70 per week ($108,352 annually). Investment banking salaries are typically much higher, often starting above $100,000 for analysts and rising significantly for associates and vice presidents. The legal minimum is not a benchmark for market rates.
Related guides
- Investment banker salary: how the minimum wage and award rates compare
There is no single award rate for investment bankers; most are award-free or covered by enterprise agreements, and the national minimum wage of $26.44 per hour (from 1 July 2026) serves as the legal floor.
- Smart salary: understanding your pay floor and how to compare
From 1 July 2026 the national minimum wage is $26.44 per hour or $1,004.90 per week for award-free adults, but most workers are covered by a modern award that may set a higher rate.
- Understanding Your Salary: Award Coverage vs Award-Free Rates in Australia
From 1 July 2026, the national minimum wage for award-free adult employees is $26.44 per hour or $1,004.90 per week, but most salaries are higher under a modern award or enterprise agreement.
- What's the salary? Understanding your weekly pay packet in Australia
As of 1 July 2026, the national minimum wage for an adult award-free employee is $1,004.90 per week or $26.44 per hour, before tax and super.