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Becoming an economist is one of the most attractive positions for students who want to kick-start their initial career. Salaries for economists are very attractive all across the world, hence one major reason why most students wish to become economists. The profession of an economist is probably the most secure; as long as an economist has a license, they can be employed anywhere in the world. To know the details about the salary range, we will discuss and add the description of an economist’s salary in Australia on the basis of different parameters. For more information, read this article.
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How Much Do Economists Make Australia?
The field of economics offers a promising career path in Australia, with a range of earning potential. On average, economists in Australia can expect a yearly salary of AUD 152,900, which translates to a comfortable monthly income of AUD 12,741. However, it’s important to remember that experience and other factors can significantly impact your earning potential.
Entry-level economists might start around AUD 79,800 annually (AUD 6,650 monthly), while highly experienced professionals can reach AUD 232,500 a year (AUD 19,375 monthly). This highlights the exciting potential for salary growth within the economics profession in Australia.
Salary figures are based on information that was posted on Indeed Salaries at the time of publication. The hiring organization, a candidate’s experience, education, and geography can all affect their salary.
Explore the Highest Paying Jobs in Australia
Experience Wise Economist Salary in Australia
Being an economist is an extremely fascinating experience overall, which makes every day challenging but rewarding. The pay based on experience level is mentioned here.
| Experience Wise Economist Salary in Australia | |
| Experience | Average Annual Salary |
| 0-2 years | AUD 93300 |
| 2-5 years | AUD 116400 |
| 5-10 years | AUD 161300 |
| 10-15 years | AUD 191500 |
| 15-20 years | AUD 210600 |
| 20+ years | AUD 219500 |
Education Wise Economist Salary in Australia
A bachelor’s or master’s degree in the same subject is required of applicants hoping to work as economists. Some of the courses people can choose from to become economists and get a decent compensation package are listed below.
| Education Level | Average Salary Per Year |
| Bachelor’s Degree | AUD 103,600 |
| Master’s Degree | AUD 164,100 |
| PhD | AUD 212,500 |
Check the Detailed Guide on Highest Paying Part-Time Jobs in Australia
Company Wise Economist Salary in Australia
A thorough breakdown of the economist’s pay based on Australia’s numerous organizations is provided below.
| Companies | Average Salary Per Year |
| Reserve Bank of Australia | AUD 96,600 AUD |
| State of Victoria Department of Treasury & Finance | AUD 88,222 AUD |
| Australian Government Department of the Treasury | AUD 112,667 AUD |
| Deloitte | AUD 79,667 AUD |
| NSW Government | AUD 99,927 AUD |
| Australian Taxation Office | AUD 85182 AUD |
| Australian Government | AUD 119,012 AUD |
| New South Wales Government | AUD 103,106 AUD |
| Australian Government Department of Industry, Science, Energy and Resources | AUD 89,000 AUD |
| BIS Oxford Economics | AUD 76,320 AUD |
| Department of Jobs, Precincts and Regions | AUD 94,270 AUD |
| Commonwealth Bank of Australia | AUD 111,667 AUD |
| Queensland Government | AUD 88,000 AUD |
| ACT Government | AUD 99,226 AUD |
| Australian Securities & Investments Commission | AUD 115,000 AUD |
| KPMG | AUD 95,000 -AUD 113,000 |
| Jacobs | AUD 62,000 – AUD 70,000 |
| South West Sydney Local Health District | AUD 134,000 -AUD 143,000 |
| RPS Group | AUD 78,000 -AUD 74,000 |
| Queensland Treasury | AUD 86,000 -AUD 99,000 |
| CSIRO | AUD 80,000 -AUD 28,000 |
City Wise Economist Salary in Australia
Mentioned below is a detailed description of the Economist’s Salary based on the various highest-paying cities in Australia
| City Wise Economist Salary in Australia | |
| City | Average Annual Salary |
| Brisbane | AUD 167100 |
| Sydney | AUD 171300 |
| Perth | AUD 166600 |
| Newcastle | AUD 142300 |
| Adelaide | AUD 151800 |
Different Position Similar to Economist in Australia
The following is a comprehensive overview of the Australian Economist’s Salary according to Position.
| Job Roles | Average Salary Per Year |
| Economic Analyst | AUD 99,305 |
| Economic Consultant | AUD 83,653 |
| Research Associate | AUD 93,310 |
| Economic Assistant | AUD 64,564 |
| Policy Analyst | AUD 110,658 |
| Research Analyst | AUD 82,994 |
| Professor | AUD 166,763 |
| Policy Officer | AUD 108,675 |
| Economist | AUD 85,000 |
| Economic Analyst | AUD 75,000 |
| Junior Economist | AUD 62,112 |
| Senior Economist | AUD 119,109 |
Also Read: Part-Time Jobs Melbourne: Best Jobs, Salary, Top Recruiters
FAQs
Ans. After graduation, economics students are in great demand, particularly those with honors degrees. Economists’ beginning incomes are comparable to those of most other business graduates, although they often rise at a faster rate.
Ans. Economists research the creation and allocation of wealth. They create and assess policies and forecast the direction of the economy using their understanding of economics. Entry-level economists can make between Rs 6 and Rs 12 lakhs annually.
Ans. Obtain a degree in economics to maximize your earning potential and career. The Reserve Bank of Australia demonstrates in its paper “Does It Pay to Study Economics?” that graduates in economics fetch high incomes that outpace those of most other areas.
An economist in Australia on average AUD 114,914 annually. Entry-level economist earns around AUD 100,000 annually, With more experience they can earn around AUD 140016 annually.
This is all the information about the Average Economist Salary in Australia, for more information on salary articles follow Leverage Edu and Jobs Abroad page for Job update
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