Are insurance brokers well paid?

Are insurance brokers well paid? | Insurance Business

Are insurance brokers well paid?

Where do your insurance broking earnings rank compared to those of your peers? Would you be better off working in the waste services industry? Discover the nation’s best and worst paid industries...

The results of the latest ABS Survey of Employee Earnings and Hours are in, and you may be surprised by where your earnings fit into the national picture.

If you earn more than $1,122.60 per week then you’re already bringing in more than the national average pay packet. However, you’ll need to bring home more than $1,421.10 per week to outstrip the average financial services worker’s wage.

The nation’s most lucrative industry, according to the ABS, was mining. The average weekly wage for this sector was head and shoulders above the rest at $2,388.20.

The next highest earners were in the electricity, gas, water and waste services sector ($1,740), followed by professional, scientific and technical services ($1,485.20) and information, media and telecommunications ($1,440.50). Financial services was the fifth highest-paid industry.

At the bottom end of the scale was accommodation and food services ($538.80), followed by retail trade ($643.50) and arts and recreational services ($741.90).

Public sector employees, despite only making up 19.6% of all employees in Australia, brought in an average of $247.70 more per week than their private sector counterparts ($1,321.90 vs $1,074.20).

On a state-by-state basis, the ACT had the highest average weekly wage ($1,357), followed by Western Australia ($1,328.10), the Northern Territory ($1197.20), Queensland ($1,127.40), NSW ($1,119.70), Victoria (1061.90), South Australia ($974.10) and Tasmania ($926.70).