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Banking Average Salaries in Australia 2024

How much money does a person working in Banking make in Australia?


Average Yearly Salary
99,300 AUD
( 8,280 AUD monthly)

LOW
31,100
AUD
AVERAGE
99,300
AUD
HIGH
203,000
AUD
All salary figures displayed here are per year except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Banking in Australia typically earns around 99,300 AUD. Salaries range from 31,100 AUD (lowest average) to 203,000 AUD (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Banking domain in Australia exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Banking
AML Analyst149,000 AUD
Assistant Bank Branch Manager126,000 AUD
Assistant Bank Manager170,000 AUD
ATM Manager132,000 AUD
ATM Service Technician36,800 AUD
Bank Accounts Analyst55,500 AUD
Bank Accounts Collector32,800 AUD
Bank Accounts Controller70,700 AUD
Bank Accounts Executive106,000 AUD
Bank Accounts Manager125,000 AUD
Bank Auditing Manager120,000 AUD
Bank Branch Manager170,000 AUD
Bank Branch Operations Coordinator75,900 AUD
Bank Clerk32,300 AUD
Bank Client Service Associate44,600 AUD
Bank Collector32,300 AUD
Bank Compliance Specialist89,700 AUD
Bank Manager206,000 AUD
Bank Operational Risk Manager203,000 AUD
Bank Operations Head205,000 AUD
Bank Operations Officer75,800 AUD
Bank Operations Specialist118,000 AUD
Bank Process Manager107,000 AUD
Bank Product Manager 132,000 AUD
Bank Programme Manager138,000 AUD
Bank Project Manager155,000 AUD
Bank Propositions Manager148,000 AUD
Bank Quantitative Analyst97,100 AUD
Bank Regional Manager197,000 AUD
Bank Regional Risk Officer107,000 AUD
Bank Relationship Manager146,000 AUD
Bank Relationship Officer65,400 AUD
Bank Sustainability Analyst121,000 AUD
Bank Teller34,200 AUD
Banker69,800 AUD
Banking Business Analyst104,000 AUD
Banking Business Development Officer62,200 AUD
Banking Business Planning Executive144,000 AUD
Banking Data Analyst114,000 AUD
Banking Product Manager133,000 AUD
Banking Reference Data Manager108,000 AUD
Banking Regulatory Compliance Officer118,000 AUD
Banking Risk Analyst101,000 AUD
Banking Technical Analyst54,500 AUD
Bankruptcy Coordinator71,000 AUD
Bill and Account Collector37,900 AUD
Blockchain Analyst86,100 AUD
Blockchain Architect101,000 AUD
Blockchain Auditor91,000 AUD
Blockchain Compliance Analyst95,100 AUD
Blockchain Consultant101,000 AUD
Blockchain Trade Facilitator84,600 AUD
Budget Analyst106,000 AUD
Capital Risk Manager190,000 AUD
Cards Marketing Manager131,000 AUD
Cash Management Manager176,000 AUD
Check Processing Manager132,000 AUD
Chief Blockchain Officer118,000 AUD
Commercial Vault Associate103,000 AUD
Corporate Banker72,600 AUD
Corporate Dealer109,000 AUD
Credit Analyst82,200 AUD
Credit and Collections Manager145,000 AUD
Credit Card Fraud Investigator102,000 AUD
Credit Portfolio Manager189,000 AUD
Credit Risk Analyst112,000 AUD
Credit Risk Associate107,000 AUD
Cryptocurrency Accountant62,800 AUD
Cryptocurrency Adviser124,000 AUD
Cryptocurrency Analyst93,800 AUD
Cryptocurrency Compliance Manager118,000 AUD
Cryptocurrency Trader107,000 AUD
Digital Banking Manager139,000 AUD
Digital Currency Analyst98,500 AUD
Direct Bank Sales Representative70,600 AUD
Exchange Control Consultant113,000 AUD
Executive Account Analyst98,900 AUD
Financial Bank Planning Consultant136,000 AUD
Financial Banking Analysis Manager150,000 AUD
Financial Banking Assistant49,400 AUD
Financial Banking Systems Manager143,000 AUD
Foreign Exchange Manager155,000 AUD
Fraud Analyst109,000 AUD
Fraud Detection Associate77,700 AUD
Fraud Detection Manager158,000 AUD
Fraud Detection Supervisor86,000 AUD
Internal Bank Audit Manager184,000 AUD
Internal Bank Auditor99,300 AUD
Internal Private Banker76,700 AUD
International Banking Manager213,000 AUD
Investment Banking Analyst144,000 AUD
Loan Analyst102,000 AUD
Loan Area Manager124,000 AUD
Loan Audit Team Leader116,000 AUD
Loan Branch Manager116,000 AUD
Loan Business Development Officer63,500 AUD
Loan Clerk37,600 AUD
Loan Collection and Recovery Manager118,000 AUD
Loan Collection Manager129,000 AUD
Loan Collector32,600 AUD
Loan Examiner44,100 AUD
Loan Officer40,700 AUD
Loan Processing Manager110,000 AUD
Loan Processor46,700 AUD
Loan Quality Assurance Auditor106,000 AUD
Loan Quality Assurance Manager120,000 AUD
Loan Quality Assurance Representative80,800 AUD
Loan Review Manager112,000 AUD
Loan Team Leader101,000 AUD
Loans Manager139,000 AUD
Mortgage Advisor70,600 AUD
Mortgage Collection Manager121,000 AUD
Mortgage Collector34,100 AUD
Mortgage Credit Analyst56,100 AUD
Mortgage Credit Manager119,000 AUD
Mortgage Development Manager125,000 AUD
Mortgage Document Reviewer43,300 AUD
Mortgage Funding Manager130,000 AUD
Mortgage Operations Manager186,000 AUD
Mortgage Payment Processing Clerk37,500 AUD
Mortgage Processing Manager117,000 AUD
Mortgage Processor46,500 AUD
Mortgage Quality Assurance Auditor98,500 AUD
Mortgage Quality Assurance Manager114,000 AUD
Mortgage Servicing Clerk36,400 AUD
Mortgage Servicing Manager117,000 AUD
Mortgage Underwriter43,200 AUD
Online Banking Manager183,000 AUD
Open Banking Strategist104,000 AUD
Payment Processing Clerk37,800 AUD
Personal Banker71,800 AUD
Personal Banking Advisor 73,300 AUD
Phone Banker48,600 AUD
Private Banker78,000 AUD
Reconciliation and Investigation Specialist83,700 AUD
Tax Officer62,600 AUD
Teller34,700 AUD
Trade Officer40,200 AUD
Trade Product Manager117,000 AUD
Trader49,600 AUD
Treasury Operations Officer87,800 AUD
Wealth Management Advisor149,000 AUD


Banking Jobs Pay Scale and Salaries in Australia

Median and salary distribution Australia Banking yearly
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Salary Structure and Pay Scale Comparison

5% of people earn
102,000 AUD or more
10% of people earn
84,200 to 102,000 AUD
20% of people earn
45,700 AUD or less
65% of people earn
45,700 to 84,200 AUD
Minimum Salary
31,100 AUD
Median
90,900 AUD
Maximum
203,000 AUD




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per year except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Banking in Australia range from 31,100 AUD (starting average salary) to 203,000 AUD (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Banking is 90,900 AUD, implying that half of the workforce in Australia earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Banking in Australia earn less than 67,900 AUD, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 112,000 AUD, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Banking in Australia. The analysis revealed that roughly 65% of all reported salaries fell within the range of 45,700 AUD to 84,200 AUD. Approximately 20% of salaries were below the 45,700 AUD mark, while 10% ranged from 84,200 AUD to 102,000 AUD. Only 5% of individuals earned a gross salary of 102,000 AUD or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage.

Generally speaking, employees in Banking in Australia having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.


Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income?

We compared the salaries of professionals at the same level but with different college degree levels across many jobs in Banking in Australia, below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a certificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Australia costs anywhere from 38,000 AUD to 114,000 AUD and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Banking / Australia

Salary comparison by gender Australia Banking yearly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Banking in Australia, the average difference between the salary of male and female employees is 5%.

Male
102,000 AUD
Female-5%
97,200 AUD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Australia for all Careers

Salary comparison by gender yearly Australia
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Average Annual Salary Increment Percentage / Banking / Australia

How much are annual salary increments in Australia for individuals working in Banking? How often do employees get salary raises?

Professionals working in Banking in Australia are likely to observe a salary increase of approximately 10% every 14 months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.

Annual Salary Increment Rate Australia Banking
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Australia / All Professions

Annual Salary Increment Rate Australia
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

The average salary increase in one year (12 months) in Australia is 6%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Banking / Australia

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Australia Banking
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19% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 81% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus
81%
No Bonus
19%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Hourly Average Wage / Banking / Australia


48 AUD per hour

The average hourly wage (pay per hour) in Banking in Australia is 48 AUD.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Banking in Australia is 15 AUD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Adelaide110,000 AUD
Brisbane114,000 AUD
Canberra-Queanbeyan106,000 AUD
Gold Coast-Tweed107,000 AUD
Gosford97,200 AUD
Melbourne116,000 AUD
Newcastle103,000 AUD
Perth112,000 AUD
Sunshine Coast101,000 AUD
Sydney118,000 AUD
Wollongong99,200 AUD

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Australia is 5% on average across all career fields.

Private Sector
89,000 AUD
Public Sector+5%
93,400 AUD
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Banking in Australia?

A good and competitive compensation would range anywhere between 90,900 AUD and 112,000 AUD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Banking in Australia ranges from 31,100 AUD to 67,900 AUD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary


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