Quantitative Analyst Salary: Minimum Pay, Award Coverage, and Market Benchmarks

Quantitative Analyst Salary: Understanding Your Pay Floor

If you are researching a quantitative analyst salary in Australia, it is important to separate the legal minimum from what the market typically pays. This guide explains the minimum wage that applies, how awards and agreements can set higher rates, and what the latest ABS earnings data suggests.

The Legal Minimum: National Minimum Wage

For any employee not covered by a modern award or enterprise agreement, the national minimum wage is the legal floor. From the first full pay period on or after 1 July 2026, the rate is $26.44 per hour or $1,004.90 per week for a full-time adult employee (38 ordinary hours). Casual employees receive a 25% loading, bringing the casual rate to $33.05 per hour. These figures are set by the Fair Work Commission and enforced by the Fair Work Ombudsman.

However, the national minimum wage is rarely the actual pay for a quantitative analyst. Most quantitative analysts work in finance, banking, or professional services, where modern awards or enterprise agreements apply. The Fair Work Commission's Modern Awards Pay Database does not contain a specific classification for "quantitative analyst", but the role may fall under the Professional Employees Award 2020 (for scientific or technical work) or the Banking, Finance and Insurance Award 2020 (for financial analysis roles). These awards have multiple classification levels with minimum rates that are higher than the national minimum. For example, a Level 1 employee under the Banking Award may start at a rate above $26.44, and higher levels for experienced analysts pay significantly more.

Award Rates and Enterprise Agreements

If you are covered by a modern award, your minimum pay is the rate specified for your classification in that award. The Fair Work Ombudsman provides Pay Guides that summarise these rates. From 1 July 2026, minimum award wages increased by 4.75%, but the lowest ongoing classification in any award cannot be less than the national minimum wage ($26.44 per hour). Introductory rates (for the first 6 months) cannot be less than $25.74 per hour.

Many employers in the finance sector use enterprise agreements that set pay above the award minimum. These agreements are registered with the Fair Work Commission and can include higher base salaries, penalty rates, and allowances. Your employment contract should state which award or agreement applies. If it does not, ask your employer or check using the Which minimum wage applies tool on this site.

Market Benchmarks: ABS Average Earnings

While not a legal requirement, the Australian Bureau of Statistics (ABS) publishes average earnings data that can give you an idea of typical pay. In May 2026, full-time adult ordinary-time earnings across all occupations averaged $2,083.70 per week. This is a broad average and does not reflect the specific skills of a quantitative analyst, but it indicates that professional roles generally pay well above the minimum. For a more accurate benchmark, professional bodies or recruitment firms often publish salary surveys for quantitative analysts, but those are not government figures and are not covered here.

Superannuation: Paid on Top

All salary figures discussed are before tax and do not include superannuation. From 1 July 2026, the superannuation guarantee is 12% of your ordinary time earnings, paid by your employer into your super fund. For example, if your base salary is $100,000, your employer must contribute an additional $12,000 per year. This is a legal obligation and is separate from your take-home pay.

Tax and Take-Home Pay

Your take-home pay will be less than your gross salary due to income tax and the Medicare levy (2% once your annualised ordinary gross income exceeds $30,000). For the 2026-27 tax year, resident tax rates apply with the full tax-free threshold. The actual amount withheld depends on your total earnings, tax offsets, and any salary sacrifice arrangements. This site does not provide tax advice; consult the Australian Taxation Office or a tax professional.

Key Takeaways

• The legal minimum for a quantitative analyst is the national minimum wage ($26.44/h) if no award or agreement applies, but this is unlikely.
• Check the Professional Employees Award or Banking, Finance and Insurance Award for applicable classification rates.
• Enterprise agreements often set higher rates; your contract should specify.
• Superannuation of 12% is paid on top of your salary.
• For market comparisons, refer to ABS average earnings or industry surveys.

For more detailed pay information, see our Rate tables and Guides on how minimum wages work in Australia.