Financial planner salary: awards, national minimum wage and what you can expect

Financial planner salary: awards versus the national minimum wage

When you search for a financial planner salary in Australia, the numbers you find can vary widely. That is because how a financial planner is paid depends on whether they are covered by a modern award, an enterprise agreement, or are award-free. This guide explains the key factors that shape pay, using the latest public data from the Fair Work Ombudsman and the Australian Bureau of Statistics, and shows where typical earnings sit on the Salary Index.

What the data says about typical pay

The most recent national data for financial planners comes from Jobs and Skills Australia, which groups them under Financial Investment Advisers and Managers (ANZSCO 2223). As of May 2025, the median full-time weekly earnings for this occupation were $2,582. That works out to roughly $134,264 a year before tax. Compared with the national benchmark of $2,083.70 per week (index 100), a financial planner salary at that level has an index of 124 – 24% above the ordinary-time line.

Keep in mind this median is for full-time non-managerial employees paid at the adult rate. It excludes part-timers, managers, and people paid unusually high or low amounts. Your own pay may be higher or lower depending on your experience, qualifications, and where you work.

Award coverage: not all financial planners are the same

The Fair Work Ombudsman explains that award coverage for financial planners depends on the industry their employer operates in and the employee’s specific duties. There is no single ‘financial planner award’. Instead, several awards may apply:

• Banking, Finance and Insurance Award – This covers financial planners whose employer is in the banking, finance or insurance industry, or provides a service to that industry. For example, a planner working for a bank is likely covered by this award.
• Clerks Award – If the role is mainly clerical or administrative, the Clerks Award may apply.
• Miscellaneous Award – Financial planners not covered by an industry or occupational award may fall under the Miscellaneous Award. However, this award does not cover managerial employees or professional employees such as degree-qualified accountants and finance specialists.
• Award-free – Many financial planners, especially those in dedicated financial planning firms, are not covered by any award. They are award-free and entitled only to the national minimum wage and the National Employment Standards.

For award-covered planners, the minimum pay rates are set by the relevant award. The Banking, Finance and Insurance Award, for instance, has classification levels based on duties and qualifications. You can check the latest pay guide on the pay guides page of the Fair Work Ombudsman website.

The national minimum wage as a floor

From 1 July 2026, the national minimum wage is $26.44 per hour, or $1,004.90 per week. That annualises to about $52,255, giving an index of 48.2. For award-free financial planners, this is the legal minimum. In practice, most financial planners earn well above this, but it is the baseline.

If you are a junior financial planner (under 21), the national minimum wage has special percentages. For example, a 20-year-old junior gets $25.83 per hour (the adult rate of $26.44 multiplied by the applicable percentage). Modern awards may set different junior rates.

How the Salary Index helps compare pay

The Salary Index converts gross annual earnings into a simple number where 100 equals the full-time adult ordinary-time earnings of $108,352. A financial planner earning the median $134,264 has an index of 124. This makes it easy to compare across occupations and industries. For context, the national minimum wage sits at 48.2, while the professional, scientific and technical services industry (which includes many financial planners) has an industry index of 114.7.

State and industry variations

Where you work also matters. The states page shows that the ACT has the highest state index at 109.9, while Tasmania is lowest at 88.6. Financial planners in Sydney or Melbourne may earn more than those in regional areas, though the data does not break down by location for this specific occupation.

Industry matters too. Financial planners are most commonly employed in Financial and Insurance Services (index not separately published but the broader professional services index is 114.7). Those working in mining-related financial planning could see higher pay, given mining’s industry index of 154.7.

Superannuation and tax considerations

From 1 July 2026, the super guarantee is 12% on earnings up to the maximum contribution base of $270,830. For a financial planner earning $134,264, that means an extra $16,112 in super each year. On top of that, income tax for 2026–27 (resident, with tax-free threshold) is nil up to $18,200, then 15% to $45,000, 30% to $135,000, 37% to $190,000, and 45% above. Plus the 2% Medicare levy. Take-home pay on the median salary would be roughly $94,000 after tax and Medicare, excluding HELP or other deductions.

Where to find more information

For the most current award rates, always check the Fair Work Ombudsman’s pay guides. If you are comparing roles across different parts of the country, the industries and states pages on Salary Index give you benchmarks. And to understand how the index is calculated, see how the index works.

The bottom line

A financial planner salary in Australia typically sits well above the national minimum wage, with a median index of 124. But whether you are covered by an award or are award-free makes a big difference to your minimum entitlements. If you are employed under the Banking, Finance and Insurance Award, your minimum rate is set by that award. If you are award-free, the national minimum wage is your floor – but most financial planners negotiate much higher. Use the Salary Index to see where any offer sits against the national line.