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 4.75% 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
7 levels, measured from $0 so the gaps between them are true to scale.
- Level 1Bank officer (entry / trainee)
- Level 2Bank officer (customer service)
- Level 3Bank officer (experienced)
- Level 4Senior bank officer / team leader
- Level 5Bank officer (specialist / lending)
- Level 6Branch manager (small branch)
- Level 7Branch manager (large branch) / senior specialist
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
- FWO Pay Guides and FWC Annual Wage Review [2026] FWCFB 3500, effective 1 July 2026.
- Penalty rates and allowances
- MA000019 on awards.fairwork.gov.au, the official award text.
- Industry figures
- ABS Labour Force, May 2026; ABS EEH, Aug 2025. Covers the broader industry, not only employees under this award.
- 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.
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 | Bank officer (entry / trainee) | $1,047.60 | $27.57 | $34.46 |
| Level 2 | Bank officer (customer service) | $1,102.30 | $29.01 | $36.26 |
| Level 3 | Bank officer (experienced) | $1,178.90 | $31.02 | $38.78 |
| Level 4 | Senior bank officer / team leader | $1,294.50 | $34.07 | $42.59 |
| Level 5 | Bank officer (specialist / lending) | $1,428.70 | $37.60 | $47.00 |
| Level 6 | Branch manager (small branch) | $1,587.30 | $41.77 | $52.21 |
| Level 7 | Branch manager (large branch) / senior specialist | $1,789.40 | $47.09 | $58.86 |
Rates effective from 1 July 2026 after the 4.75% Annual Wage Review increase. Weekly rates are for 38 ordinary hours. Casual rates include the 25% loading on top of the hourly rate. Source: FWO Pay Guides.
Allowances
Paid on top of the base rate. Amounts effective from 1 July 2026.
| Allowance | Amount | Frequency | Notes |
|---|---|---|---|
| First aid allowance | $16.35 | per week | For appointed first aid officers. |
| Use of private vehicle | $0.97 | per km | When required to travel between branches for work purposes. |
| Higher duties allowance | Rate of higher level | per week acting | When temporarily performing duties at a higher classification for 5+ consecutive days. |
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).
Standard 17.5% on minimum hourly rate. Shift workers receive the GREATER OF 17.5% or the shift penalty they would have earned during the leave. 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 (Contract Call Centres Award) and accountants employed in accountancy practices.
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)
- 02Level 2 (teller, customer service representative)
- 03Level 3 (loans officer, credit analyst, insurance clerk)
- 04Level 4 (senior case manager, assistant underwriter)
- 05Level 5
- 06Level 6
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 for shift workers 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.