What is an actuary salary in Australia? A guide to comparing offers
Actuary salary in Australia: how to compare job offers using the Salary Index. Learn about typical pay, relevant awards, and where actuaries sit against national earnings.
The median actuary salary is not publicly available, but the profession sits well above the national line, likely in the Professional, Scientific and Technical index range of 114.7.
What is an actuary?
Actuaries analyse mathematical, statistical, demographic, financial or economic data to predict and assess long-term risk. They work on insurance premiums, superannuation funds, pensions, and investments. In Australia, there are about 2,400 actuaries, with 72% based in New South Wales. The profession is young (median age 33) and has a 34% female share.
How actuary salary compares to the national average
When you read a job ad for an actuary, the salary figure can be hard to benchmark. The Salary Index uses full-time adult ordinary-time earnings as 100—that's $108,352 per year from the ABS Average Weekly Earnings (May 2026). For actuaries, official median earnings are not published, but we can use industry and state indices to get a sense.
Actuaries work mainly in Financial and Insurance Services and Professional, Scientific and Technical Services. The Professional, Scientific and Technical industry index is 114.7, meaning typical full-time workers in that sector earn about 15% more than the national average. If an actuary earns $130,000, their index would be 120. A senior actuary on $180,000 would have an index of 166.
Factors affecting actuary pay
Experience and qualifications
Entry-level actuarial analysts might start around $70,000–$85,000. With fellowship of the Actuaries Institute, salaries rise sharply. Mid-career actuaries often earn $120,000–$160,000, and chief actuaries or partners can exceed $250,000.
Location
New South Wales employs 72% of actuaries and has a state index of 101.2 (slightly above national). Victoria (index 98) and Queensland (97.9) are close to average. The ACT has the highest state index at 109.9, but few actuaries work there. When comparing offers, use the states page to adjust for location.
Industry
Actuaries in general insurance, life insurance, and superannuation may earn differently. The industries page shows that Mining (index 154.7) pays much more than Retail (75.9), but actuaries are concentrated in high-paying sectors. The Financial and Insurance Services industry is not separately indexed but is likely above the national line.
Using the Salary Index to compare offers
The Salary Index helps you compare job offers across Australia. To calculate your index, divide your annual gross salary by $108,352 and multiply by 100. For example, an actuary offered $145,000 in Sydney has an index of 134. The same salary in Melbourne (index 98) would be relatively higher compared to local earnings.
Learn more about how the index works.
Awards and minimums
Most actuaries are not covered by a modern award because they are professionals paid above award rates. However, the Banking, Finance and Insurance Award (MA000019) sets minimums for some related roles. From 1 July 2026, award rates rose 4.75%. The national minimum wage is $26.44/hr (index 48.2). An actuary earning $80,000 is already well above that.
If you are in a junior role or under an award, check the Fair Work Ombudsman's pay guides for the correct classification. The Fair Work Commission's Modern Awards Pay Database also lists allowances and penalty rates.
Tax and superannuation
Actuary salaries are subject to the usual tax scales. For 2026–27, resident tax rates (excluding Medicare) are: nil up to $18,200, 15% to $45,000, 30% to $135,000, 37% to $190,000, and 45% above. Add a 2% Medicare levy. Superannuation guarantee is 12% from 1 July 2026, up to a maximum contribution base of $270,830. So an actuary earning $150,000 would have $18,000 in super, and take-home pay around $107,000 after tax and Medicare (ignoring HELP or salary sacrifice).
Comparing offers across states
If you receive an offer in Perth (WA index 106.9) versus Hobart (TAS index 88.6), the same nominal salary goes further in Tasmania but is lower relative to local earnings. Use the states page to see how each state compares.
Final thoughts
Actuary salary in Australia is not a single number, but the profession clearly sits above the national line. When reading job ads, focus on total remuneration (including super) and use the Salary Index to see where the offer stands. For more topics, visit the topics page.
Questions people ask
What is the average actuary salary in Australia?
There is no published average or median actuary salary from official sources. Jobs and Skills Australia does not report median weekly earnings for actuaries. However, based on the industries actuaries work in—Professional, Scientific and Technical Services (index 114.7) and Financial and Insurance Services—a typical actuary likely earns well above the national full-time adult ordinary-time earnings of $108,352 per year. Entry-level roles may start around $70,000–$80,000, while experienced actuaries can earn $150,000–$200,000 or more.
How does actuary salary compare to other professions using the Salary Index?
The Salary Index sets 100 as the national full-time adult ordinary-time earnings ($108,352 annual). Actuaries are in a high-skill profession, so their index is likely above 114.7 (the Professional, Scientific and Technical industry index). For comparison, the national minimum wage sits at index 48.2, retail trade at 75.9, and mining at 154.7. An actuary earning $150,000 would have an index of about 138, well above average.
What award covers actuaries in Australia?
The Banking, Finance and Insurance Award (MA000019) may cover some actuary roles, especially in insurance companies. However, many actuaries are employed under enterprise agreements or individual contracts that pay above award rates. The award provides minimum rates for classifications like 'Financial Analyst' or 'Insurance Officer', but not a specific actuary grade. Always check your employment contract and the Fair Work Ombudsman's [pay guides](/blog) for the latest minimums.