Actuarial Salary in Australia: State and Industry Differences
Explore actuarial salary in Australia with state and industry differences. See how the salary index compares for actuaries, mostly in NSW and financial services.
The precise actuarial salary is not publicly available, but industry and state concentration indicate it likely exceeds the national index of 100, possibly in the 130–150 range based on professional services and finance sector benchmarks.
What is an actuarial salary?
An actuarial salary is the pay earned by an actuary – a professional who analyses mathematical, statistical, and financial data to predict and manage long-term risk. In Australia, actuaries work mostly in insurance, superannuation, health insurance, and financial markets. Because their work is highly specialised and requires rigorous qualifications (often through the Actuaries Institute), salaries tend to be well above the national average.
To understand where an actuarial salary sits against the national line, we use the Salary Index. The index is your yearly gross pay divided by the national benchmark of $108,352 (full-time adult ordinary-time earnings, May 2026), multiplied by 100. An index of 100 means you earn exactly the national average. An index of 130 means you earn 30% more.
State differences for actuaries
Actuaries are heavily concentrated in New South Wales. According to Jobs and Skills Australia, 72% of actuaries work in NSW, 17.6% in Victoria, and only 4.7% in Queensland. This lopsided distribution matters for salary because the state index varies. NSW has an index of 101.2 (annualised $109,658), slightly above the national line. Victoria is 98 ($106,137), Queensland 97.9 ($106,064).
However, the state index reflects all occupations, not just actuaries. Because NSW is the financial capital, actuarial salaries there are likely higher than the state average. A Sydney-based actuary in a major insurer or consulting firm could easily have an index of 130 or more. In Victoria, where the finance sector is smaller but still significant, the index might be a notch lower. The few actuaries in Western Australia (1.5%) may benefit from that state’s higher overall index of 106.9, but the sample is tiny.
For a deeper look at how pay varies by location, see our states page.
Industry differences for actuaries
Actuaries are employed in two main industries: Financial and Insurance Services, and Professional, Scientific and Technical Services. The latter has an industry index of 114.7 (annualised $124,000). But actuaries in insurance and superannuation often earn more than the professional services average because their skills are in high demand and they directly manage billions in liabilities.
If we assume an actuary in a large life insurer earns around $140,000, that gives an index of 129. A senior fellow or chief actuary could push past $200,000, index 185. By contrast, an actuary in a government regulator or a smaller consulting firm might earn closer to $120,000, index 111.
To compare with other fields, see our industries page.
How the salary index applies to actuaries
The index is a benchmark, not a quote. For actuaries, the lack of published median earnings means we rely on industry and state proxies. The professional services index of 114.7 is a floor for many actuaries, but the finance sector likely pushes the typical actuary’s index into the 120–150 range. This is consistent with the high full-time share (89%) and the fact that actuaries are among the highest-paid professionals in Australia.
Remember that the index uses gross ordinary-time earnings before tax and super. For a resident earning $140,000 in 2026–27, the tax (excluding Medicare) would be about $32,467, plus 2% Medicare levy ($2,800), leaving a take-home of roughly $104,733. Super guarantee is 12% from 1 July 2026, so the employer would contribute an extra $16,800 on top of the $140,000 salary.
For a full explanation of how we calculate the index, visit how the index works.
No award coverage for actuaries
Unlike many occupations, actuaries are not covered by a modern award. Their pay is set by individual contracts or enterprise agreements. This means there is no minimum wage floor beyond the national minimum wage ($26.44 per hour from July 2026, index 48.2). In practice, no actuary earns anywhere near that. The absence of an award also means no penalty rates or overtime loadings, but actuaries typically work standard full-time hours (average 43 per week) and are compensated with higher base salaries.
For more on pay structures, see our pay guides and topics pages.
Summary
Actuarial salary in Australia is not published as a single figure, but the combination of state concentration in NSW and industry dominance in financial services suggests an index well above 100. Most full-time actuaries likely earn between $120,000 and $160,000, placing them in the top quartile of Australian earners. The salary index is a useful tool to compare any pay figure against the national line, and for actuaries it confirms that this profession commands a significant premium.
Questions people ask
What is the typical actuarial salary in Australia?
There is no published median figure for actuaries. Based on the professional, scientific and technical services industry index of 114.7 (annualised $124,000) and the concentration in high-paying financial services, a typical full-time actuary likely earns between $120,000 and $160,000 per year. This would place the salary index between 110 and 148. Entry-level salaries are lower, while senior fellows can exceed $200,000.
How does state location affect actuarial salary?
New South Wales employs 72% of actuaries and has a state index of 101.2 (annualised $109,658). The dominance of Sydney’s financial hub suggests actuarial salaries in NSW are above the national average. Victoria (index 98) and Queensland (index 97.9) have lower indices, but actuaries there may still earn above state averages due to industry mix. Western Australia (index 106.9) has a higher overall index but few actuaries (1.5%).
How does industry affect actuarial salary?
Actuaries work mainly in Financial and Insurance Services (likely index above 120) and Professional, Scientific and Technical Services (index 114.7). The finance sector typically pays above the professional services average, so actuaries in insurance, superannuation, and investment firms often earn more than those in consulting or government. The accommodation and food services index (72.5) is irrelevant to actuaries.