Actuarial Science Salary: What Actuaries Earn in Australia
Find out the typical actuarial science salary in Australia, how it compares to the national average, and what you can expect after tax and super.
Based on the latest government data, the median actuarial science salary sits around index 106, above the national line of 100.
What is an actuarial science salary?
An actuarial science salary refers to the pay earned by professionals who apply mathematical and statistical methods to assess risk in finance, insurance, and other industries. In Australia, actuaries are classified under the broader occupation group "Actuaries, Mathematicians and Statisticians" (ANZSCO 2241). The most reliable public data on their earnings comes from Jobs and Skills Australia, which reports a median full-time weekly earning of $2,213. That figure is the best available benchmark for answering the question "What is an actuarial science salary?"
Actuarial science salary on the Salary Index
The Salary Index compares gross annual earnings to the national line of full-time adult ordinary-time earnings. The national line is set at $108,352 per year (index 100). To find the index for an actuarial science salary, multiply the weekly median by 52: $2,213 × 52 = $115,076. Then divide by the national line and multiply by 100: ($115,076 ÷ $108,352) × 100 = 106.2. This means the typical actuarial science salary sits about 6% above the national average.
For context, the national minimum wage (index 48.2) is $52,255 per year, while the Professional, Scientific and Technical Services industry index is 114.7. Actuaries working in Financial and Insurance Services—the largest employer of this group—may earn even more, as that sector tends to pay above the professional average.
Gross pay, super, and tax
Understanding an actuarial science salary means looking beyond the gross figure. The $115,076 median is before tax and before the 12% super guarantee (effective from 1 July 2026). Super is paid on top of your salary, up to the maximum contribution base of $270,830. For $115,076, that adds about $13,809 to your total remuneration package.
Tax on this salary in 2026–27 is calculated using the resident rates: nil on the first $18,200, 15% on the next $26,800, 30% on the next $90,000, and so on. The estimated income tax is around $25,043, plus a 2% Medicare levy of $2,302. That leaves an approximate take-home pay of $87,731. This does not account for HELP debt repayments, salary sacrifice, or the Medicare levy surcharge.
How awards and enterprise agreements affect actuarial science salary
Most actuaries are not covered by a specific modern award; instead, they work under enterprise agreements or individual contracts. However, the Fair Work Ombudsman's pay guides provide minimum rates for professionals under awards like the Professional Employees Award. These minimums are much lower than the median actuarial science salary, so they act as a floor rather than a target. The national minimum wage from 1 July 2026 is $26.44 per hour, but actuaries typically earn well above that.
State and industry variations
Where you work affects your actuarial science salary. The states page shows that the Australian Capital Territory has the highest index at 109.9, followed by Western Australia at 106.9. New South Wales is 101.2, while Tasmania is lowest at 88.6. Actuaries in financial hubs like Sydney or Melbourne may earn more than those in regional areas.
By industry, the industries page shows that Financial and Insurance Services has an index of around 120 (estimated from the professional services index of 114.7 plus sector-specific data). Since nearly half of actuaries work in this industry, the typical actuarial science salary is likely higher than the median for the whole occupation group.
How the Salary Index works
The how the index works page explains that the index is a simple ratio: your yearly gross pay divided by the national line, multiplied by 100. It allows you to compare any salary to the Australian average. For an actuarial science salary of $115,076, the index is 106.2. If you earn $130,000 as a senior actuary, your index would be 120.0. If you are starting at $70,000, your index would be 64.6.
Questions people ask
What is the average actuarial science salary in Australia?
Based on government data for Actuaries, Mathematicians and Statisticians, the median full-time weekly earnings are $2,213, which annualises to about $115,076 before tax. This is above the national average (index 106). Entry-level salaries are lower, while experienced actuaries can earn well over $150,000.
How is superannuation calculated on an actuarial science salary?
Employers must pay super guarantee of 12% on top of your gross salary, up to the maximum contribution base of $270,830 (2026–27). For a salary of $115,076, the super contribution would be about $13,809 per year. This is in addition to your gross pay and is taxed at 15% in the fund.
What tax will I pay on an actuarial science salary?
For the 2026–27 financial year, a gross salary of $115,076 would incur approximately $25,043 in income tax plus a 2% Medicare levy ($2,302), leaving an estimated take-home pay of $87,731. This excludes HELP repayments, salary sacrifice, or the Medicare levy surcharge.