Banking & Finance Award.
Banking, Finance and Insurance Award 2020. Verified penalty rates, shift loadings, leave loading and RDO arrangements, with a live calculator under the NES.
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| Component | Formula | Value |
|---|---|---|
| Accrual rate (FULL-TIME) | 4 wks × 38h ÷ 52 | 2.923 hrs/wk |
| Hours accrued | 2.923 × 52 wks | 152.42 hrs |
| Hourly base rate | - | $35.00 |
| Base leave value | 152.42 × $35.00 | $5,334.62 |
| 17.5% leave loading | base × 0.175 | + $933.56 |
| Total payout | - | $6,268.17 |
Disclaimer: This tool does not constitute legal or financial advice. Results may be inaccurate due to changes in legislation or your circumstances. This tool does not constitute legal or financial advice. We do not recommend taking actions based solely on these results. The calculator makes assumptions and results may be inaccurate due to changes in legislation, modern awards, or your personal circumstances. You use this information at your own risk. We can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong. For official guidance, visit Fair Work Ombudsman (fairwork.gov.au). Fair Work Ombudsman.
Banking & Finance Award pay rates and penalties.
Dollar rates effective from 1 July 2026 after the Annual Wage Review increase. Penalty rates verified against the MA000019 award text.
Penalty rates by shift type
What each hour is worth as a percentage of the base rate, for permanent and casual employees.
Hourly rate by classification level
6 levels, measured from $0 so the gaps between them are true to scale.
- Level 1Office trainee, filing clerk, switchboard operator, assistant receptionist, deposit officer
- Level 2Telemarketer, data processing officer, teller or customer service representative with less than 12 months experience
- Level 3Loans processing officer, credit analyst, contact centre officer, payroll clerk, teller with at least 12 months experience
- Level 4Compliance officer, personal assistant, assistant underwriter, lending officer, personal banker, entry level team leader
- Level 5Accountant, underwriter, call centre team leader, assistant branch manager, or managing 5 to 10 people
- Level 6Branch manager, financial planner, relationship manager, or managing more than 10 people
National Minimum Wage, 4-year trend
Lifted each year by the Annual Wage Review. Up 23.7% since FY2023. Percentages are the movement in the NMW itself, which exceeded the award increase in the years the Commission realigned it to the C13 rate.
Where these numbers come from
- Dollar rates
- The MA000019 award text as consolidated by the Fair Work Commission, reflecting Annual Wage Review [2026] FWCFB 3500, effective 1 July 2026.
- Penalty rates and allowances
- MA000019 on awards.fairwork.gov.au, the official award text.
- Your own figures
- Check your classification in the FWO Pay Calculator.
Penalty rates in full
Every loading in the award, side by side for full-time, part-time and casual employees.
| Hours worked | Full-time / part-time | Casual (incl. loading) |
|---|---|---|
| Ordinary hours | 100% | 125% |
| Saturday (first 3h / after) | 150% / 200% | 175% / 225% |
| Sunday | 200% | 225% |
| Public holiday | 250% | 275% |
| Afternoon shift | 120% | 145% |
| Night shift | 125% | 150% |
| Permanent night shift | 130% | 155% |
All values are percentages of the base hourly rate. Casual rates shown are inclusive of the 25% casual loading on top of the FT/PT rate. For your own dollar amounts, use the FWO Pay Calculator.
These are the percentages. To turn them into dollars for a specific roster, the penalty rates calculator prices Saturday, Sunday, public holiday and shift hours against this award’s own classification rates.
Pay rates by classification
Weekly rates are for 38 ordinary hours. Casual hourly includes the 25% loading.
| Level | Classification | Weekly rate | Hourly rate | Casual hourly |
|---|---|---|---|---|
| Level 1 | Office trainee, filing clerk, switchboard operator, assistant receptionist, deposit officer | $1,024.70 | $26.97 | $33.71 |
| Level 2 | Telemarketer, data processing officer, teller or customer service representative with less than 12 months experience | $1,119.10 | $29.45 | $36.81 |
| Level 3 | Loans processing officer, credit analyst, contact centre officer, payroll clerk, teller with at least 12 months experience | $1,182.10 | $31.11 | $38.89 |
| Level 4 | Compliance officer, personal assistant, assistant underwriter, lending officer, personal banker, entry level team leader | $1,241.40 | $32.67 | $40.84 |
| Level 5 | Accountant, underwriter, call centre team leader, assistant branch manager, or managing 5 to 10 people | $1,291.80 | $33.99 | $42.49 |
| Level 6 | Branch manager, financial planner, relationship manager, or managing more than 10 people | $1,446.80 | $38.07 | $47.59 |
Rates effective from 1 July 2026 after the Annual Wage Review increase. Weekly rates are for 38 ordinary hours. Casual rates include the 25% loading on top of the hourly rate. Source: the MA000019 award text as consolidated to 1 July 2026.
Allowances
Paid on top of the base rate. Amounts effective from 1 July 2026.
| Allowance | Amount | Frequency | Notes |
|---|---|---|---|
| First aid allowance | $20.59 | per week | Where legislation requires the employer to appoint an accredited first aid officer. Pro rata for part-time employees (cl 18.3(a)). |
| Stand-by allowance, Monday to Friday | $23.72 | per day rostered on stand-by | Clause 18.3(b)(i). A recall is paid as overtime with a minimum of 2 hours, including travel time from home and back (cl 18.3(b)(ii) and (iii)). |
| Stand-by allowance, Saturday, Sunday and public holiday | $48.46 | per day rostered on stand-by | Clause 18.3(b)(i). |
| Higher duties | Rate of the higher level | more than 4 consecutive working days | Relieving in a higher level job for more than 4 consecutive working days (cl 18.3(c)). |
| Meal allowance | $22.14 | per occasion | Overtime of 1.5 hours that extends beyond 6pm, unless a suitable meal is provided (cl 18.4(a)). |
| Further meal allowance | $18.20 | per occasion | Where the overtime exceeds 5.5 hours (cl 18.4(a)). |
| Motor vehicle allowance, 1500cc and under | $131.99 | per week | Where providing a motor vehicle is a condition of employment (cl 18.4(b)(iii)). |
| Motor vehicle allowance, over 1500cc | $162.83 | per week | Clause 18.4(b)(iii). |
| Private vehicle, casual or incidental use | $1.01 | per km | Where the employer approves use of a private motor vehicle on a casual or incidental basis (cl 18.4(b)(iv)). |
| Travel outside ordinary hours | Reasonable expenses plus half the ordinary rate | for travel time beyond normal home to work travel | Not payable where the employee is already paid overtime for the travel time (cl 18.4(b)(ii)). |
The numbers that drive this award.
Set by Banking, Finance and Insurance Award 2020 (MA000019) and the NES.
Award-specific provisions.
Where this award goes beyond, or sits at, the NES floor.
A 7-day shiftworker regularly rostered on Sundays and public holidays, where shifts run continuously 24/7, receives 5 weeks annual leave (clause 22.2).
Day workers get the greater of 17.5% or the weekend penalty rates they would have earned during the leave, not both. Shift workers get the greater of 17.5% or the weekend and shift penalties they would have earned. Run the numbers in the annual leave loading calculator.
No formal RDO accrual cycle in this award. Time off in lieu of overtime (TOIL) may still be available.
Calculate your leave under this award
The Banking & Finance Award sets your pay rates, but your paid leave runs on the National Employment Standards. Work out 4 weeks of holidays with the annual leave calculator, and your 10 days of paid sick and carer's leave with the personal leave calculator. To confirm which award applies to you and how it lifts entitlements above the NES floor, read our guide to modern awards.
Who this award covers.
The Banking & Finance Award (MA000019) is the common name for the Banking, Finance and Insurance Award 2020. Industries, work types and exclusions are taken from the Fair Work Ombudsman summary.
Industries
Work types
Notes & exclusions. This award has no dedicated Saturday or Sunday penalty clause: weekend work is paid through the overtime clause instead (Monday to Saturday outside ordinary hours is 150% for the first 3 hours then 200%, Sunday is 200%), and Saturday 8am to noon can be worked as ordinary hours at the base rate. Public holiday work is 250%. Shift loadings apply only to rostered shiftworkers. Excludes contract call centres covered by the Contract Call Centres Award (clause 4.3).
Roles paid under this award.
Each classification has its own pay grade. Use the FWO Pay Calculator for current dollar rates.
- 01Level 1 (office trainee, filing clerk, switchboard operator)
- 02Level 2 (teller or customer service representative with less than 12 months experience)
- 03Level 3 (loans processing officer, credit analyst, insurance clerk, teller with 12 months experience)
- 04Level 4 (lending officer, senior case manager, assistant underwriter)
- 05Level 5 (accountant, underwriter, team leader)
- 06Level 6 (branch manager, financial planner)
Banking & Finance Award questions, answered.
Penalty rates, leave entitlements and award-specific provisions under MA000019. Verified against the modern award text.
Who does the Banking & Finance Award cover?
What is the Saturday penalty rate under the Banking & Finance Award?
What is the Sunday rate under the Banking & Finance Award?
What is the public holiday rate under the Banking & Finance Award?
How many weeks of annual leave do I get under the Banking & Finance Award?
How is annual leave loading calculated under the Banking & Finance Award?
What is the casual loading under the Banking & Finance Award?
Does the Banking & Finance Award include rostered days off (RDOs)?
Does the Banking & Finance Award have evening or night-shift loadings?
Where do I find current pay rates by classification under the Banking & Finance Award?
Verified against the modern award text.
Penalty rates, shift loadings and continuous-shift eligibility on this page were verified against Banking, Finance and Insurance Award 2020 (MA000019) on the Fair Work Commission's awards.fairwork.gov.au.
For up-to-date pay rates by classification, refer to the FWO Pay Calculator. Modern awards are reviewed and varied periodically by the Fair Work Commission; check the source for the latest text.