What is a CFO salary in Australia? State and industry differences explained

What is a CFO salary?

The term 'CFO salary' refers to the total remuneration of a Chief Financial Officer, the senior executive responsible for financial strategy, reporting, and risk management. Unlike many roles in Australia, CFOs are not covered by modern awards or the national minimum wage. Their pay is determined by market forces, company size, industry profitability, and location. Because official sources like the Fair Work Commission and the Fair Work Ombudsman do not publish CFO-specific rates, understanding where a CFO salary sits against the national line requires using benchmarks like the Salary Index.

The Salary Index and CFO pay

The Salary Index compares any yearly gross salary to the national line of full-time adult ordinary-time earnings. The national line is $108,352 per year (index 100), based on the Australian Bureau of Statistics Average Weekly Earnings of $2,083.70 per week (May 2026). A CFO salary is almost always above this line. For example, a CFO earning $200,000 would have an index of 185, meaning they earn 85% more than the average full-time worker. Higher-paid CFOs in large companies or high-profit industries can have indices above 300. However, no single official figure exists because CFO pay is not published by government agencies.

State differences

State indices from the on-site reference show how average earnings vary across Australia. These indices reflect all occupations, not just executives, but they give a sense of regional wage levels that influence CFO salaries.

• ACT (index 109.9, annualised $119,090) – Highest average earnings, driven by public sector and professional services. CFOs in Canberra often command premiums.
• WA (index 106.9, $115,825) – Mining and resources boost overall wages, and CFOs in that sector are among the highest paid nationally.
• NSW (index 101.2, $109,658) – Strong financial services and corporate headquarters support above-average executive pay.
• VIC (index 98.0, $106,137) – Slightly below the national line, but Melbourne's corporate sector still offers competitive CFO packages.
• QLD (index 97.9, $106,064) – Similar to Victoria, with growing industries like mining and tourism.
• NT (index 95.2, $103,173) – Smaller economy, but mining and government roles can lift CFO pay.
• SA (index 94.6, $102,450) – Lower average wages, but CFO roles in defence and health may still be strong.
• TAS (index 88.6, $96,008) – Lowest average earnings; CFO salaries here tend to be lower than mainland counterparts.

While these indices are not CFO-specific, they correlate with the cost of living and competition for talent. A CFO in WA or ACT is likely to earn more than one in Tasmania, all else being equal. For a detailed look at regional pay, see the states page.

Industry differences

Industry matters more than state for CFO pay. The on-site reference provides indices for selected industries:

• Mining (index 154.7) – The highest industry index. CFOs in mining often earn well above $300,000, reflecting global demand and high profits.
• Professional, Scientific and Technical services (index 114.7) – Includes accounting, consulting, and legal firms. CFOs here earn strong six-figure salaries.
• Education and training (index 105.5) – CFOs in universities or large training organisations earn above the national line but less than mining.
• Health care and social assistance (index 97.8) – Below the national line on average, but CFOs in private hospitals or aged care can still earn well.
• Retail trade (index 75.9) – Lower overall wages; CFOs in retail earn less than in mining or professional services.
• Accommodation and food services (index 72.5) – The lowest industry index; CFO roles are rare and pay is modest compared to other sectors.

These indices are averages across all jobs in the industry. A CFO is at the top of the pay scale, so their index will be much higher than the industry average. For example, a CFO in mining might have an index of 250 or more, while a CFO in retail might be around 150. The industries page offers more context.

How to find CFO salary data

Because CFOs are not award-covered, official sources like the Fair Work Ombudsman do not list their rates. The Australian Bureau of Statistics publishes average weekly earnings for managers, but not specifically for CFOs. The Australian Taxation Office releases taxable income data by occupation with a lag, but that is not current. Private salary surveys from recruitment firms are the best source, but they are not government data. The Salary Index remains a useful tool: you can take any CFO salary figure, divide by the national line ($108,352), and multiply by 100 to see where it sits. Learn more on the how the index works page.

Conclusion

A CFO salary in Australia is well above the national line, with significant variation by state and industry. The highest CFO pay is found in mining and professional services, and in states like WA and ACT. The lowest is in retail and accommodation, and in Tasmania. While no official government figure exists, the Salary Index provides a consistent benchmark to compare any CFO salary against the average Australian worker. For more on related topics, visit the topics page.