Banking, Finance and Insurance Award

The Banking, Finance and Insurance Award 2020 (MA000019) is the modern award covering employers and employees in Australia's banking, finance and insurance industry. It applies to work such as lending, investment, superannuation, all forms of insurance, credit unions, building societies and related services like broking and debt recovery. It excludes contract call centres and staff covered by an enterprise or public-sector instrument. If your business operates in financial services, this award likely sets your minimum conditions.

Minimum rates are set by classification across six levels, from Level 1 through to Level 6, with definitions in a schedule to the award. Each level has a minimum weekly rate for full-time adults, plus an hourly rate for part-time and casual staff. Junior and supported wage employees are usually paid a percentage of the adult rate. Because the figures change every year, confirm the exact current rate for each level on the Fair Work Pay Calculator rather than relying on an old number.

Not in the flat way retail and hospitality awards do. Ordinary hours run within a weekday daytime span plus a defined Saturday morning window, and work outside that is generally paid as overtime, with separate rates for Sunday and public holidays. There are also defined shift loadings rather than a single weekend penalty for ordinary hours. This catches many employers out, so confirm the correct rate for weekend work on the Fair Work source before paying it.

Work outside ordinary hours, or beyond the weekly ordinary-hours limit, is paid as overtime at escalating multipliers, with a higher rate after the first few hours and higher rates again for casual employees. Sunday work and public-holiday work attract their own overtime treatment. Salaried staff are not automatically exempt and their hours should be reconciled against the award. For the current overtime multipliers and how they apply, refer to the Fair Work source.

Casual employees are paid the relevant minimum hourly rate plus a casual loading, commonly 25%, in place of paid leave and similar entitlements. As a guide, that loading applies to ordinary hours and is not stacked on top of overtime. The award also sets a minimum engagement each time a casual is rostered. Always confirm the current loading percentage and minimum engagement period on the Fair Work Pay Calculator before processing casual pay.

Ordinary hours under this award are based on a 38-hour week, worked within a daytime span on weekdays and a defined window on Saturday morning. Hours worked beyond 38 a week, or outside that span, generally fall into overtime. Part-time employees work fewer agreed hours with pro-rata entitlements. For the exact daily span, Saturday window and any averaging arrangements, check the current award text on the Fair Work source, as these details can be updated.

The award provides defined loadings for employees working early morning, afternoon and night shifts, expressed as a percentage of the minimum hourly rate, with an additional loading for employees who work permanent afternoon or night shifts. These are separate from overtime. The applicable loading depends on the shift type and pattern, and the figures are reviewed annually, so confirm the current shift loadings on the Fair Work source before setting rates for shiftworkers.

The award includes both work-related and expense-related allowances. Common ones are a first aid allowance for accredited officers, a stand-by duty allowance, higher duties pay when relieving in a more senior role, an overtime meal allowance, and motor vehicle and travel allowances for required work travel. The dollar amounts are reviewed each year, so always take the current allowance figures from the Fair Work Pay Calculator before paying or reimbursing staff rather than using a remembered amount.

When an employee relieves in a higher classification for an extended period, the award generally requires them to be paid at the minimum rate of that higher level for the relief period. This matters because moving someone up temporarily can change their pay entitlement. The qualifying period and exact treatment are set in the award, so confirm the current higher duties provision on the Fair Work source before adjusting pay for relief arrangements.

Yes. Under this award, annual leave loading is the greater of 17.5% or the relevant weekend penalty rate the employee would have earned, but not both, applied when leave is taken. This either/or rule is a common source of error, as employers sometimes pay both or neither. Confirm the current entitlement and how it interacts with shift and weekend work on the Fair Work source before processing leave payments.

Employees who work on a public holiday are paid a penalty rate for the hours worked, and there is generally a minimum payment so a short shift still attracts a baseline amount. Employees who would normally work but have the day off are typically not deducted pay for the holiday. The exact public-holiday rate and minimum engagement are reviewed and set in the award, so confirm the current figures on the Fair Work source before paying public-holiday work.

Modern award minimum rates are reviewed by the Fair Work Commission each year and take effect from the first full pay period on or after 1 July. The 2026 Annual Wage Review increased modern award minimums by 4.75%. Allowances are also typically adjusted at the same time. Always apply the new rates and allowances from the correct pay period and confirm the exact figures on the Fair Work Pay Calculator rather than carrying forward last year's numbers.

Valont provides outsourced, award-compliant payroll for Australian SMEs, including businesses covered by MA000019. We map your staff to the correct levels, apply the annual 1 July increases, and handle overtime, casual loading, shift loadings, the annual leave loading rule and allowances against current Fair Work figures. That removes the guesswork and the back-pay risk, so you can focus on running the business rather than tracking award changes.

Clerical work outside the banking, finance and insurance industry is the Clerks Award.

A dedicated contract call-centre business is covered by the Contract Call Centres Award.