Banking, Finance and Insurance Award pay rates
Award code MA000019, with rates in force from 1 July 2026.
Minimum pay for 6 adult classifications under the Banking, Finance and Insurance Award 2020, from 1 July 2026: $26.97 to $38.07 an hour before tax. Casuals get a 25% loading on top.
Lowest adult rate
$26.97an hour
For Level 1. $1,024.70 for a full-time week. Up 4.78% from $25.74. Casuals get $33.71 an hour, with the 25% loading.
Its lowest adult rate is $26.97 an hour, 2.0% above the National Minimum Wage of $26.44 an hour. Of the 116 awards that set hourly rates, 40 have a higher minimum. The dashed line is the minimum wage; each tick is another award.
Pay by classification
Dollars an hour, from 1 July 2026- Level 1$26.97
- Level 2$29.45
- Level 3$31.11
- Level 4$32.67
- Level 5$33.99
- Level 6$38.07
Hover or tap a row for last year's rate. Every rate, in every unit, is in the tables below.
Penalty rates at a glance
Percent of the ordinary rate, and dollars an hour at Level 1.
| When | Full-time and part-time | Casual |
|---|---|---|
| Ordinary hours | 100%$26.97 | 125%$33.71 |
| Public holiday | 250%$67.43 | 275%$74.17 |
Minimum pay by classification from 1 July 2026
Annual rates are full-time salaries; weekly rates are for a full-time week; hourly rates apply to full-time and part-time hours. Casual hourly adds the 25% loading.
| Classification | Annual | Weekly | Hourly | Casual hourly |
|---|---|---|---|---|
| Level 1 | $53,284 | $1,024.70 | $26.97 | $33.71 |
| Level 2 | $58,193 | $1,119.10 | $29.45 | $36.81 |
| Level 3 | $61,469 | $1,182.10 | $31.11 | $38.89 |
| Level 4 | $64,553 | $1,241.40 | $32.67 | $40.84 |
| Level 5 | $67,174 | $1,291.80 | $33.99 | $42.49 |
| Level 6 | $75,234 | $1,446.80 | $38.07 | $47.59 |
Penalty and overtime rates
Percentages as the award sets them, and what they come to an hour at the first adult level. Higher classifications get the same percentages of their own rate. The tick on each bar marks 100%, the ordinary rate.
Evenings, weekends and public holidays
Employees other than shiftworkers: ordinary and penalty rates
Dollars an hour at Level 1
| When | Full-time and part-time | Casual |
|---|---|---|
| Ordinary hours | 100%$26.97 | 125%$33.71 |
| Public holiday | 250%$67.43 | 275%$74.17 |
Shiftwork
Shiftworkers: ordinary hours and shift penalty rates
Dollars an hour at Level 1
| When | Full-time and part-time | Casual |
|---|---|---|
| Early morning shift | 112.5%$30.34 | 137.5%$37.08 |
| Afternoon shift | 120%$32.36 | 145%$39.11 |
| Night shift | 125%$33.71 | 150%$40.46 |
| Permanent afternoon shift | 125%$33.71 | 150%$40.46 |
| Permanent night shift | 130%$35.06 | 155%$41.80 |
Overtime
Full-time and part-time employees other than shiftworkers: overtime rates
Dollars an hour at Level 1
| When | Rate |
|---|---|
| Monday - Saturday - first 3 hours | 150%$40.46 |
| Monday - Saturday - after 3 hours | 200%$53.94 |
| Saturday - work outside employee's weekly hours | 200%$53.94 |
| Sunday | 200%$53.94 |
| Public holiday | 250%$67.43 |
Full-time and part-time employees shiftworkers: overtime rates
Dollars an hour at Level 1
| When | Rate |
|---|---|
| Monday - Saturday - first 3 hours | 150%$40.46 |
| Monday - Saturday - after 3 hours | 200%$53.94 |
| Saturday - work outside employee's weekly hours | 200%$53.94 |
| Sunday | 200%$53.94 |
| Public holiday | 250%$67.43 |
Juniors, apprentices and other arrangements
Rates that depend on age, training or another arrangement. Open a group to see its rates.
Junior employeesJunior ratesClause 15.230 rates
| Classification | Weekly |
|---|---|
| Level 117 years | $614.82 |
| Level 118 years | $717.29 |
| Level 119 years | $819.76 |
| Level 120 years | $922.23 |
| Level 1Under 17 years | $512.35 |
| Level 217 years | $671.46 |
| Level 218 years | $783.37 |
| Level 219 years | $895.28 |
| Level 220 years | $1,007.19 |
| Level 2Under 17 years | $559.55 |
| Level 317 years | $709.26 |
| Level 318 years | $827.47 |
| Level 319 years | $945.68 |
| Level 320 years | $1,063.89 |
| Level 3Under 17 years | $591.05 |
| Level 417 years | $744.84 |
| Level 418 years | $868.98 |
| Level 419 years | $993.12 |
| Level 420 years | $1,117.26 |
| Level 4Under 17 years | $620.70 |
| Level 517 years | $775.08 |
| Level 518 years | $904.26 |
| Level 519 years | $1,033.44 |
| Level 520 years | $1,162.62 |
| Level 5Under 17 years | $645.90 |
| Level 617 years | $868.08 |
| Level 618 years | $1,012.76 |
| Level 619 years | $1,157.44 |
| Level 620 years | $1,302.12 |
| Level 6Under 17 years | $723.40 |
Allowances paid on top
3 allowances are for the work itself, paid when the job calls for it, and 5 cover costs you'd otherwise pay yourself, like meals, laundry or travel. The amounts are the Commission's, in force today; the award sets out exactly who gets each one and when.
For the work
| Allowance | Amount | |
|---|---|---|
| First aid allowanceClause 18.3(a) | $20.59 a week | |
| Stand-by and call-back allowance | ||
| Monday to Friday inclusiveClause 18.3(b)(i) | $23.72 a day | |
| Saturdays, Sundays and public holidaysClause 18.3(b)(i) | $48.46 a day | |
To cover costs
| Allowance | Amount | |
|---|---|---|
| Meal allowance | ||
| Further meal allowance if overtime exceeds 5.5 hoursClause 18.4(a) | $18.20 each time | |
| Overtime of 1.5 hours which extends beyond 6.00 pmClause 18.4(a) | $22.14 each time | |
| Vehicle allowance | ||
| 1500cc and underClause 18.4(b)(iii) | $131.99 a week | |
| Over 1500ccClause 18.4(b)(iii) | $162.83 a week | |
| Casual or incidental useClause 18.4(b)(iv) | $1.01 a km | |
The award is the final word
These are the minimum rates the Fair Work Commission publishes for the award. Shift rules, rostering and who each classification covers are in the award itself, and an enterprise agreement can set different pay. Employees no award or agreement covers get the National Minimum Wage: $26.44 an hour from 1 July 2026.
Questions people ask
- What is the minimum pay rate under the Banking, Finance and Insurance Award?
- From 1 July 2026, the lowest adult rate is $26.97 an hour ($1,024.70 a week full time), for Level 1. The highest adult classification is $38.07 an hour. Junior rates, further down, can be lower.
- How does the Banking, Finance and Insurance Award minimum compare?
- Its lowest adult rate is $26.97 an hour, 2.0% above the National Minimum Wage of $26.44 an hour. Of the 116 awards that set hourly rates, 40 have a higher minimum.
- How much did Banking, Finance and Insurance Award rates go up on 1 July 2026?
- The lowest adult rate rose 4.78%, from $25.74 to $26.97 an hour, in the Fair Work Commission's Annual Wage Review. The table shows each classification's rate before and after.
- What is the casual loading under the Banking, Finance and Insurance Award?
- 25% on top of the ordinary hourly rate, paid instead of leave entitlements. For Level 1 that makes $33.71 an hour.
- What allowances are paid under the Banking, Finance and Insurance Award?
- 8 allowances have a dollar amount set by the Commission, including a first aid allowance of $20.59 a week, a stand-by and call-back allowance, Monday to Friday inclusive of $23.72 a day and a stand-by and call-back allowance, Saturdays, Sundays and public holidays of $48.46 a day. The full list, with the clause each comes from, is on this page.
- Where do these rates come from?
- The Fair Work Commission's Modern Awards Pay Database, which publishes every award's minimum rates; we read it when the Commission changes an award. The award itself prevails if the two ever differ, and an enterprise agreement can set different pay.
Source: Fair Work Commission, Modern Awards Pay Database, licensed CC BY 4.0, read 27 Oct 2026 and arranged by The Finance Algorithm. Not endorsed by the Fair Work Commission. Read with the award: if they differ, the award prevails. General information, not legal or payroll advice.