Are insurance brokers well paid?

Are insurance brokers well paid?

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).


 

8 Comments
  • Ex BDM now Broker 1/02/2013 11:25:29 AM
    You need little to no qualifications to work in the electricity, gas, water and waste services sectors or little in the way of brain power anyway...No wonder our economy is stuffed when the highest earners are uneducated cashed up blue collar bogans! The organised crooks, sorry I mean unions no doubt will want more money for their members at the next EBA negotiations, no wonder Gina is bringing in foreign labour as the wages for those sectors make our economy uncompetitive!
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  • Account Broker 1/02/2013 11:46:55 AM
    Ex DMB now Broker
    Clearly you have very little idea of it entails to work in the mining industry. To gain employment it is a requirement to have a tertiary education in the trade you wish to engage in and or a degree in Engineering is mandatory. Driver’s of heavy plant require a HR licence as a minimum and that’s even to be short listed for the role. I would suggest you do some research prior to labelling all blue colour workers as bogans.
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  • Robert Cooper 1/02/2013 12:26:56 PM
    There is such a huge difference in wages from the lowest end to senior management. To average it out is misleading. I could spend ten years earning an average of $500 a week working for someone else, go out and start my own business as an AR using those years experience and build up to at least $2,000 to $3,000 per week wages very quickly. How can an average be an accurate guide? Some Corporate Brokers earn even larger amounts.
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