What is the hourly rate for an actuary?

There is no single hourly rate for actuaries. Jobs and Skills Australia reports a median full-time hourly earnings of $58 for Actuaries, Mathematicians and Statisticians combined (May 2025). The Australian Taxation Office’s 2023-24 tax returns show actuaries alone had a median salary of $166,678, which equates to roughly $84 per hour based on a 38-hour week, though actual hours often exceed 38. Your rate depends on experience, employer, and location.

Is there an award for actuaries?

No modern award names actuaries. The Banking, Finance and Insurance Award 2020 covers some employers in the financial sector, but its classifications do not mention actuaries. If your duties do not fit any classification, you are award-free and the legal minimum is the National Minimum Wage ($26.44 per hour from 1 July 2026). Most actuaries earn well above this, set by contract or enterprise agreement.

How is super calculated for actuaries?

Superannuation guarantee is 12% of ordinary earnings, paid on top of your salary. For an actuary earning the median $166,678, super would be about $20,001 per year, up to the maximum contribution base of $270,830. If you are paid an hourly rate, super is calculated on the gross pay each pay period. Casual employees also receive super on top of their casual loading.

Actuarial Science Salary: Hourly to Annual Conversion Guide 2026-27

Actuaries earn a median full-time salary of $2,213 per week ($58/hour) according to Jobs and Skills Australia, but ATO tax returns show a median of $166,678 per year for 2023-24.

Understanding Actuarial Science Salary in Australia

If you are researching an actuarial science salary, you likely want to know how an hourly rate or annual offer converts to take-home pay, super, and fortnightly amounts. This guide uses official data from the Australian Bureau of Statistics (ABS), the Australian Taxation Office (ATO), and Jobs and Skills Australia to give you a realistic picture. We also explain the legal minimums from the Fair Work Ombudsman and how to apply the standard conversion formula.

The Conversion Formula

Annual gross pay = hourly rate × hours per week × 52. For a standard full-time week of 38 hours, multiply your hourly rate by 1,976 (38 × 52). For example, the National Minimum Wage of $26.44 per hour gives $52,269 per year. But actuaries often work more than 38 hours. Jobs and Skills Australia reports an average of 42 hours per week for Actuaries, Mathematicians and Statisticians. Using 42 hours, $26.44 becomes $57,756 annually. However, actual actuarial salaries are far higher.

How the National Minimum Wage and Awards Apply

The National Minimum Wage from 1 July 2026 is $26.44 per hour ($1,004.90 per week for 38 hours). Casual employees receive a 25% loading, making the minimum $33.05 per hour. No modern award specifically covers actuaries, according to the Fair Work Ombudsman’s pay guides. The Banking, Finance and Insurance Award 2020 may apply if your employer operates in that industry and your duties match a classification, but the award does not mention actuaries. If you are award-free, your legal floor is the National Minimum Wage. Most actuaries earn well above this, set by contract or enterprise agreement.

Actuarial Salary Data from Official Sources

Jobs and Skills Australia’s occupation profile for Actuaries, Mathematicians and Statisticians (ANZSCO 2241) shows a median full-time weekly earnings of $2,213 (May 2025), or $58 per hour based on a 38-hour week. That is higher than the all-occupations median of $1,697 per week. The ATO’s 2023-24 tax statistics provide a more detailed breakdown for actuaries alone: median salary or wages of $166,678, average $193,788. Statisticians earned a median of $111,413 and mathematicians $115,374. The ATO figures include part-time and part-year workers, so the full-time median is likely higher. For a full-time actuary on $166,678, the hourly equivalent is about $84 (using 38 hours), but actual hours may be 42, giving an effective rate of $76 per hour.

Tax and Super on Your Actuarial Salary

Using the 2026-27 resident tax rates (nil to $18,200; 15% to $45,000; 30% to $135,000; 37% to $190,000; 45% above), plus the 2% Medicare levy, an actuary earning the median $166,678 would pay approximately $46,075 in tax and Medicare, leaving take-home pay of $120,603 per year, or $4,639 per fortnight. Superannuation guarantee is 12% of ordinary earnings, paid on top. On $166,678, that is $20,001 per year, up to the $270,830 maximum contribution base. If you are paid an hourly rate, super is calculated on each pay period’s gross earnings.

Example: Converting an Hourly Actuarial Rate

Suppose you are offered $80 per hour as an actuary. Using 38 hours: annual = $80 × 38 × 52 = $158,080. Fortnightly gross = $80 × 76 = $6,080. After tax (approx. $42,000) and Medicare, take-home is about $116,080 per year, or $4,464 per fortnight. Super at 12% adds $18,970 on top. If you work 42 hours, annual becomes $174,720, and take-home rises accordingly. Remember that the formula assumes no unpaid overtime, penalty rates, or salary sacrifice.

Internal Resources

For more details on award coverage, see our pay guides. To compare your rate against legal minimums, visit our minimum wage page. You can also use our timesheet to calculate your own annual, fortnightly, and take-home figures.

Key Takeaways

Actuarial science salary is well above the National Minimum Wage. Official data shows a median full-time weekly pay of $2,213 (JSA) and a median annual salary of $166,678 (ATO).
No award covers actuaries, so your pay is set by contract. The legal floor is the National Minimum Wage.
Use the formula hourly × hours per week × 52 for annual gross. Assume 38 hours unless you know your actual hours.
Super is 12% on top, and tax is calculated using the 2026-27 resident rates with Medicare levy.
For a quick estimate, multiply your hourly rate by 1,976 (38-hour week) or 2,184 (42-hour week).