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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.
Here are the Factors Affecting the Average Salary in Australia 2024
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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 152,900 AUD, which translates to a comfortable monthly income of 12,741 AUD. However, it’s important to remember that experience and other factors can significantly impact your earning potential. Entry-level economists might start around 79,800 AUD annually (6,650 AUD monthly), while highly experienced professionals can reach 232,500 AUD a year (19,375 AUD 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.
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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.
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 | 103,600 AUD |
| Master’s Degree | 164,100 AUD |
| PhD | 212,500 AUD |
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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 | 96,600 AUD |
| State of Victoria Department of Treasury & Finance | 88,222 AUD |
| Australian Government Department of the Treasury | 112,667 AUD |
| Deloitte | 79,667 AUD |
| NSW Government | 99,927 AUD |
| Australian Taxation Office | 85182 AUD |
| Australian Government | 119,012 AUD |
| New South Wales Government | 103,106 AUD |
| Australian Government Department of Industry, Science, Energy and Resources | 89,000 AUD |
| BIS Oxford Economics | 76,320 AUD |
| Department of Jobs, Precincts and Regions | 94,270 AUD |
| Commonwealth Bank of Australia | 111,667 AUD |
| Queensland Government | 88,000 AUD |
| ACT Government | 99,226 AUD |
| Australian Securities & Investments Commission | 115,000 AUD |
| KPMG | 95,000 AUD-113,000 AUD |
| Jacobs | 62,000 AUD-70,000 AUD |
| South West Sydney Local Health District | 134,000 AUD-143,000 AUD |
| RPS Group | 78,000 AUD-74,000 AUD |
| Queensland Treasury | 86,000 AUD-99,000 AUD |
| CSIRO | 80,000 AUD-128,000 AUD |
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
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 | 99,305 AUD |
| Economic Consultant | 83,653 AUD |
| Research Associate | 93,310 AUD |
| Economic Assistant | 64,564 AUD |
| Policy Analyst | 110,658 AUD |
| Research Analyst | 82,994 AUD |
| Professor | 166,763 AUD |
| Policy Officer | 108,675 AUD |
| Economist | 85,000 AUD |
| Economic Analyst | 75,000 AUD |
| Junior Economist | 62,112 AUD |
| Senior Economist | 119,109 AUD |
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FAQs
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.
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.
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.
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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