Chief Financial Officer Salary: Awards and the National Minimum Wage
Understand how the chief financial officer salary compares to awards and the national minimum wage. Market data and salary index explained.
The chief financial officer salary is not set by awards or the national minimum wage; market data suggests a median around $172,000, well above the national line of $108,352 (index 100).
What is a chief financial officer salary?
A chief financial officer (CFO) is a senior executive responsible for the financial health of an organisation. Unlike many roles in Australia, the chief financial officer salary is not set by a modern award or the national minimum wage. Instead, it is determined by market forces, company size, industry, and individual experience.
Awards versus the national minimum wage
Australia’s workplace relations system includes the National Employment Standards, modern awards, and the national minimum wage. Modern awards cover about 20.7% of employees, mainly in industries like accommodation, retail, and healthcare. These awards set minimum pay rates, allowances, and penalty rates. The Fair Work Ombudsman publishes pay guides for each award.
For example, the Social, Community, Home Care and Disability Services Industry Award has a pay guide that includes minimum rates for classifications like support workers. But a CFO is not classified under any award. The Fair Work Commission’s 2025 Annual Wage Review increased the national minimum wage by 3.5% to $26.44 per hour from 1 July 2026. That rate applies only to employees not covered by an award or enterprise agreement. CFOs are almost always above this threshold.
Where does the CFO salary sit on the salary index?
Salary Index uses full-time adult ordinary-time earnings as the national line. Based on the ABS Average Weekly Earnings (May 2026), the index 100 equals $2,083.70 per week, annualised to $108,352. Men’s average is $2,181/week (index 104.7), women’s $1,934.50/week (index 92.8).
A CFO salary is typically well above this line. According to PayScale, the median base salary for a CFO in Australia is AU$172,175. That gives an index of about 159. The range is $118,000 to $255,000, meaning even the lower end is above the national line. However, this data comes from a private salary survey, not a government source.
Industry and state benchmarks
CFOs work across many industries. The industries page shows indexes for selected sectors. Professional, scientific and technical services has an index of 114.7. Education and training is 105.5. Health care and social assistance is 97.8. A CFO in mining might earn more, but the mining index of 154.7 reflects all roles, not just executives.
State indexes also vary. The states page lists indexes from 88.6 in Tasmania to 109.9 in the ACT. A CFO in Western Australia (index 106.9) may earn more than one in South Australia (94.6), but individual salaries depend on the employer.
How the salary index works
The how the index works page explains the calculation: divide the yearly gross salary by the national line ($108,352) and multiply by 100. For a CFO earning $172,000, that’s 172,000 ÷ 108,352 × 100 = 158.7. This index helps compare pay across roles and locations.
Superannuation and tax considerations
From 1 July 2026, the super guarantee is 12% on earnings up to the maximum contribution base of $270,830. For a CFO earning $172,000, the employer contributes $20,640 in super. The 2026–27 resident tax rates (excluding Medicare) are: nil up to $18,200, 15% to $45,000, 30% to $135,000, 37% to $190,000, and 45% above. Medicare levy is 2%. A CFO on $172,000 would pay roughly $39,667 in tax plus $3,440 Medicare, leaving about $128,893 take-home (excluding HELP or other deductions).
Conclusion
The chief financial officer salary is not tied to awards or the national minimum wage. It is a market-driven figure that sits well above the national line. For context, the national minimum wage annualised is $52,255 (index 48.2), while a typical CFO earns three times that. Use the salary index to see where any pay figure stands relative to the Australian average.
For more on how pay compares across roles, see topics.
Questions people ask
Is the chief financial officer salary covered by a modern award?
No. Chief financial officers are typically senior executives and are not covered by modern awards. Their pay is determined by contract, enterprise agreement, or market rates, not by award minimums or the national minimum wage.
How does the chief financial officer salary compare to the national minimum wage?
The national minimum wage from 1 July 2026 is $26.44 per hour ($1,004.90 per week, annualised $52,255). A CFO salary is many times higher; for example, a median of $172,000 is over three times the national minimum wage annualised figure.
What is the salary index for a chief financial officer?
Using the national line of $108,352 (index 100), a CFO salary of $172,000 gives an index of approximately 159. However, this is based on market data, not a government benchmark. CFO pay is not directly comparable to award-based indices.