Finance broker salary: awards, median earnings and the national minimum wage

Finance broker salary: awards versus the national minimum wage

When you search for a finance broker salary in Australia, the numbers can vary widely. Some sources quote award minimums, others show median earnings from government surveys. This article explains how a finance broker’s pay compares to the national minimum wage and where it sits on the Salary Index.

What the data says about finance broker earnings

The most recent data from Jobs and Skills Australia shows that Financial Brokers (a broad group that includes finance brokers) earn a median weekly wage of $2,576 for full-time non-managerial employees. That works out to about $133,952 a year before tax. On the Salary Index, where 100 equals full-time adult ordinary-time earnings of $108,352, that gives an index of roughly 124.

But that’s a median. The award minimums for finance brokers are much lower. The Banking, Finance and Insurance Award 2020 sets minimum rates for six levels. A finance broker is typically classified at Level 4 or Level 5, depending on the complexity of their work. Level 4 pays $1,241.40 per week ($64,553 annual, index 59.6). Level 5 pays $1,291.80 per week ($67,174 annual, index 62.0). These are the legal floors, but most finance brokers earn well above them, often through commissions or bonuses.

How the award compares to the national minimum wage

The national minimum wage from 1 July 2026 is $26.44 per hour, $1,004.90 per week, annualised $52,255 (index 48.2). Even the lowest award level for finance brokers (Level 1 at $26.97 per hour) is slightly above the national minimum. Level 5 pays $33.99 per hour, which is 29% above the national minimum. The median finance broker hourly rate of $70 is more than 2.6 times the national minimum.

This gap shows that the award is a safety net, not a reflection of typical pay. Most finance brokers are on individual arrangements or enterprise agreements that pay significantly more. The award also includes penalty rates for public holidays (250% of the ordinary rate) and junior rates (e.g., 50% for under 17, 90% at 20).

Salary index and state comparisons

The Salary Index helps you see where a pay figure sits relative to the national line. For a finance broker earning the median $133,952, the index is 124. That’s above the national average and well above industries like retail trade (index 75.9) or accommodation and food services (72.5). It’s closer to professional, scientific and technical services (114.7).

State differences also matter. The index for New South Wales is 101.2, Victoria 98, Queensland 97.9, South Australia 94.6, Western Australia 106.9, Tasmania 88.6, Northern Territory 95.2, and the ACT 109.9. A finance broker in WA or the ACT might earn more than one in Tasmania, but the median national figure already outpaces all state averages.

What about tax and super?

For the 2026–27 financial year, resident tax rates are nil up to $18,200, then 15% up to $45,000, 30% up to $135,000, 30% up to $135,000, 37% up to $190,000, and 45% above. The Medicare levy is 2%. Super guarantee is 12% from 1 July 2026, with a maximum contribution base of $270,830. A finance broker on $133,952 would pay about $31,000 in tax plus Medicare, leaving around $103,000 take-home.

Where to find more information

For award rates and pay guides, check the pay guides section. If you’re comparing across states, see our states page. For industry benchmarks, visit industries. And if you want to understand how the index works, read how the index works.

The bottom line on finance broker salary

The finance broker salary is not a single number. The award provides a minimum that is slightly above the national minimum wage, but the median pay is much higher, reflecting the commission-driven nature of the role. The Salary Index shows that a finance broker on median earnings sits at 124, well above the national line. If you’re negotiating a salary or setting a pay rate, use the award as a floor and the median as a market guide.