How do I convert an hourly rate to an annual salary for an insurance broker?

Multiply the hourly rate by the number of hours worked per week (typically 38 for full-time) and then by 52 weeks. For example, $60 per hour × 38 hours × 52 weeks = $118,560 per year before tax. This assumes no unpaid overtime, penalty rates, or allowances.

What is the average insurance broker salary in Australia?

The Australian Bureau of Statistics reports that the average full-time ordinary time weekly earnings for the financial and insurance services industry was $2,341.30 in May 2026. This is an industry average, not a job median for insurance brokers. Individual salaries vary by experience, location, and employer.

Does the insurance broker salary figure include superannuation?

No, the salary figure quoted is usually base earnings before super. The super guarantee is 12% of ordinary earnings, paid on top by the employer, up to the maximum contribution base of $270,830. For an average weekly earnings of $2,341.30, the annual super contribution would be about $14,609.70.

Insurance Broker Salary: How to Convert Hourly Rate to Annual Pay

Based on the ABS industry average for financial and insurance services, a full-time insurance broker earning the average weekly ordinary time of $2,341.30 would have an annual salary of approximately $121,747.60 before tax, assuming a 38-hour week.

Understanding the Insurance Broker Salary: From Hourly to Annual

If you are an insurance broker paid by the hour or considering a salary offer, converting between hourly and annual figures is essential for comparing job offers and budgeting. This guide explains the standard conversion, the role of tax and super, and how the industry average for an insurance broker salary relates to your personal rate.

The Basic Conversion Formula

The simplest way to estimate your annual gross pay from an hourly rate is:

Annual gross pay ≈ hourly rate × hours per week × 52

For a full-time employee, we assume a 38-hour week as per the Fair Work Ombudsman standard. For example, if your hourly rate is $60:

$60 × 38 × 52 = $118,560 per year before tax

This formula gives a quick estimate but does not account for unpaid overtime, penalty rates, allowances, or salary sacrifice. It also assumes you work every week of the year with no unpaid leave.

The Industry Average for Insurance Brokers

The Australian Bureau of Statistics (ABS) publishes Average Weekly Earnings data. For the financial and insurance services industry, the full-time adult ordinary time weekly earnings were $2,341.30 in May 2026. This is an industry average, not a job median for insurance brokers. Using the formula:

$2,341.30 per week × 52 = $121,747.60 per year (before tax)

Remember that this figure is an average across all roles in the industry, including senior and junior positions. Your individual insurance broker salary may differ. For more detailed benchmarks, refer to pay guides or reference tables.

From Weekly to Fortnightly Pay

Many employers pay fortnightly. To find your fortnightly gross pay, simply multiply your weekly pay by two. Using the average weekly earnings:

$2,341.30 × 2 = $4,682.60 per fortnight before tax

If you have an hourly rate, first calculate weekly pay (hourly × 38), then double it for the fortnightly figure.

Tax and the Medicare Levy

Once you have your annual gross salary, you can estimate your take-home pay using the 2026–27 resident tax rates and the Medicare levy. The tax-free threshold is $18,200. Above that, the rates are:

15% for income between $18,201 and $45,000
30% for income between $45,001 and $135,000
37% for income between $135,001 and $190,000
45% for income above $190,000

Additionally, the Medicare levy is generally 2% of taxable income. For a single person earning $121,747.60, the estimated tax (using the full tax-free threshold) would be approximately $27,867, plus Medicare levy of $2,435, leaving a take-home of about $91,445 per year. Use our take-home pay guide for a more detailed breakdown.

Superannuation: Paid on Top

Employers must pay superannuation guarantee contributions of 12% of ordinary earnings, on top of your salary. This is not deducted from your hourly rate or annual salary. For the average weekly earnings of $2,341.30, the annual super contribution is:

$2,341.30 × 52 × 12% = $14,609.70

The super guarantee applies up to the maximum contribution base of $270,830 per quarter. For most insurance brokers, this cap will not be reached. Learn more about super and packaging.

National Minimum Wage and Award Rates

The National Minimum Wage from 1 July 2026 is $26.44 per hour, or $1,004.90 per week for 38 hours. Casual employees receive a 25% loading, making the casual minimum $33.05 per hour. However, insurance brokers are typically covered by the Professional Employees Award or a similar award, which sets higher minimum rates. Always check your specific award or enterprise agreement. The figures above are estimates; your actual pay may be determined by an award or contract.

Casual Loading and Hourly Rate

If you work as a casual insurance broker, you are entitled to a 25% casual loading on top of the base hourly rate. When using our hourly conversion tool, enter your base hourly rate (without loading) and check the casual loading box to add 25%. Do not enter a rate that already includes casual loading.

Important Disclaimer

Annual pay calculated here is hourly rate × hours per week × 52. It assumes the same rate every week, no unpaid overtime, no penalty rates, no allowances, and no salary sacrifice. Super is estimated at 12% of ordinary earnings only, paid on top, and stops at the $270,830 maximum contribution base. Tax is the 2026–27 resident scale with the full tax-free threshold. Medicare uses the 2025–26 single reduction thresholds because the 2026–27 reduction thresholds were not confirmed here. HELP, the Medicare levy surcharge, and salary packaging are not deducted. This is an estimate, not a determination of your pay or tax.

For a personalised calculation, use the timesheet on our home page. You can also explore minimum wage and average pay for more context.