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Basic Economic Summary


Australia expects demand for skills in the digital transformation arena and many industries in Australia drive their growth through technical specialists and knowledge expertise. As a result, starting IT salaries are expected to rise as technology continues to play a pivotal role in many organizations. The highest paying jobs include General Counsel, Head of operations, Company secretary, Medicine Specialist, Chief technology officer/Head of technology, head of compliance, Portfolio Manager, and Investment director as per a salary guide published in March 2021.

Basic Information

  • Local Languages: English (Official)
  • Major Economic Hubs: Canberra, Melbourne, Sydney
  • Currency: Australian Dollar (AUD)
  • Population: 25.89 million (2021)
  • Time Zone: UTC+8; +9.5; +10
  • Date Format: dd/mm/yyyy

Useful Information

  • GDP Per Capita (in USD): $62,619
  • Exchange Rate (AUD/USD): 0.73
  • PISA Ranking: 18 (2018)

Local Universities

Renowned Local Universities:

University Rankings
University of Melbourne Ranking in Australia: 1

World Ranking: 41

University of New South Wales Ranking in Australia: 2

World Ranking: 27

University of Queensland Ranking in Australia: 3

World Ranking: 50

University of Sydney Ranking in Australia: 4

World Ranking: 51

Monash University Ranking in Australia: 5

World Ranking: 60

Learn more about the universities in Australia here.

Salary Data

Average Monthly Salary of Jobs:

The table below shows some job roles of Australian professionals. The ranges are mainly for professionals from New South Wales, and they may differ based on the territories. Please refer to the average salary for Australia on Salary Explorer for more information.

Job Title Average Salary Range (AUD, per annum) Average Salary (AUD, per annum)
Financial Analyst 42,800 - 193,000 122,000
Engineer (Tech & Transformation) 83,700 - 92,800 91,500
Dentist 72,600 - 214,000 214,000
Chief Executive Officer (Executive and Management) 104,000 - 204,000 204,000
Developer/Programmer 70,400 - 155,000 93,900
Project Manager 104,000 - 204,000 104,000
Sales Executive 36,700 - 163,000 62,300

The average salary in Australia is AUD90,800 per year with AUD 23,000 being the lowest average and AUD 405,000 being the highest average. The higher average would differ and could be different depending on the industry and the profession.

Talent Sourcing Tips

English Proficiency: High Proficiency

Number of LinkedIn Users (2021): 11,000,000+

Top Local Job Portals: Seek, Indeed, Jobsearch.gov.au

More information on job portals in Australia can be found here.

Top Recruitment Agencies: Lloyd Connect Melbourne, Adecco, Randstad Australia


Employer Payroll Tax

Type of TaxContribution (%)
Superannuation guarantee10%
Payroll tax (New South Wales)4.85%

The employer payroll tax can be found here.

Employee Payroll Tax

Type of TaxContribution (%)
Medicare levy2%

Employee Monthly Income Tax

Income group (AUD)Contribution (%)
0 – 1,516.67$0
1,516.67- 3,7501.583 cents for each $0.08 over $1,516.67
3,750 – 10,000$424.33 + 2.71 cents for each $0.08 over $3,750
10,000- 15,000$2,455.58 plus 3.08 cents for each $0.08 over $10,000
15,000 and above$4,305.58 plus 3.75 cents for each $0.08 over $15,000

Australia follows a progressive income tax model. The employee payroll and income tax can be found here.

Minimum Wage & Payroll

Minimum Wage

The minimum wage is at AUD$772.60 per week or AUS$30.33 per hour.

Payroll Cycle

Employees are paid bi-weekly (every second week), bi-monthly (15th and 30th), or monthly (28th to 30th).


13th month salary

Not mandatory.

Employee Stock Options

It is a common practice for Australian companies that are listed on the Australian Securities Exchange to offer employee stock options to their employees.  However, it is relatively difficult for employers to provide stock plans to their employees if the company is unlisted due to complexities in applicable tax and securities laws. 

Share option plans are popular and are operated by companies across all sectors in Australia. Employers provide stock options as part of their short-term and long-term incentive arrangements wherein the employee receives an option or a right to an ordinary share in the business. 

However, it is not mandatory for companies to provide stock options as a part of incentives.

Learn more about employee stock options in Australia here.

Working Hours & Statutory Leave

Maximum working hours

Standard 38 hours work week.

Overtime pay

Each industry award and agreement has its own overtime rules. Most awards allow for overtime of 38 hours per week, or in excess of 10 hours per day.

Compensation is based on an agreement in a contract. An overtime policy is recommended, stating how overtime requests will be made, allocated, recorded, and monitored.

Public Holidays

The public holidays differ across regions and can be found here.

Annual Paid Leave

Full-time employees are entitled to 4 weeks of paid leave per year. Employees who work in shifts receive 5 weeks of paid leave per year.

Sick Leave

10 days of paid leave inclusive of leave to take care of family members.

Parental Leave

Maternity Leave

12 months of unpaid maternity leave after working for 1 year with the employer. Employees may also apply to the Federal Government Scheme which provides 18 weeks of paid maternity leave.

Paternity Leave

Fathers are entitled to 5 days of unpaid leave at the time of birth or adoption of a child. They may also apply to the Federal Government for additional leave.

Paternal Leave

If the employee has been working for 1 year, they are entitled to unpaid leave that lasts for 1 year, and it is possible to request an additional 1 year from the employer.

Offboarding & Termination


Termination Process

Termination process depends on years of employment, company size and type of employment.

Termination Process

Years of EmploymentCompany SizeEmployment Type
≤6 months> 15Permanent
> 6 months> 15Permanent
≤12 months≤15Permanent
> 12 months≤15Permanent
≥12 monthsAllCasual

Notice Period
Years of EmploymentNotice Period
≤ 1 year1 week
1 year – 3 years2 week
3 years – 5 years3 week
> 5 years4 week

Severance Pay

Severance pay or redundancy pay depends on whether it is termination with cause or without cause.

Redundancy Pay

Years of EmploymentRedundancy Pay
1 – 24 weeks
2 – 36 weeks
3 – 47 weeks
4 – 58 weeks
5 – 610 weeks
6 – 711 weeks
7 – 813 weeks
8 – 914 weeks
9 – 1016 weeks
> 1012 weeks

Probation period

Not mandatory. Employees on probation will receive the same entitlements as someone who isn’t in a probation period. This includes receiving notice when employment ends and having their unused accumulated annual leave hours paid out even if they fail the probation.


Providing workers’ compensation insurance benefits to employees is mandatory in Australia that ensures protection to workers if they suffer a work-related injury or disease. Each scheme has different rules in place for domestic employees, which includes changes in regulations from region to region and the state government regulates the workers’ compensation scheme in that state.  The various schemes are administered in different ways and insurers may have different roles within the schemes. 

Premium: The workers’ compensation premium that a business must pay is regulated by the state government of Australia that is based on a particular formula that is used in that state. It is based on the salary of the employee, the industry the business operates in, and the claims history of the business.


Australia has a Goods and Services Tax (GST) which is equivalent to a VAT. The standard GST rate is 10%

Note: All of the data is up-to-date as of 2021. Necessary links have been added to areas where I have updated the numbers or where changes have been made.

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