Your unfair dismissal rights as a finance & banking worker in Australia, including your award entitlements, common issues, and how to lodge a claim with the Fair Work Commission.
Last verified: 21 May 2026Banking, Finance and Insurance Award 2020 (MA000019)
The Banking, Finance and Insurance Award covers bank employees, financial advisers, insurance workers, and related roles. Many finance sector employees are covered by enterprise agreements or are award-free (earning above the high-income threshold). The high-income threshold for unfair dismissal is $190,100 (2026-27) — employees earning above this cannot claim unfair dismissal unless covered by an award or enterprise agreement.
While major banks and insurers are large employers, financial planning practices, mortgage brokers, and small insurance agencies may be small businesses with fewer than 15 employees.
Under the NES, notice depends on length of service: 1 week (up to 1 year), 2 weeks (1-3 years), 3 weeks (3-5 years), or 4 weeks (5+ years). Employees aged 45+ with 2+ years of service get an extra week. Your award or enterprise agreement may provide longer notice.
NES redundancy pay ranges from 4 weeks (1-2 years) up to 16 weeks (9-10 years). Small businesses (fewer than 15 employees) are exempt. Some finance & banking enterprise agreements provide more generous redundancy than the NES minimum.
You must complete the minimum employment period (6 months for large employers, 12 months for small business) and earn below the high-income threshold ($190,100) unless covered by an award or enterprise agreement.
The FWC filing fee is $83.30 (2025-26). Finance sector employees should check whether they earn above the high-income threshold ($190,100), as this affects eligibility. Financial sector whistleblowers have additional protections under the Corporations Act 2001.
21 days
From the date your dismissal takes effect. Strictly enforced.
$83.30
2025-26 fee. Fee waivers available for financial hardship.
Most finance & banking workers are covered by the Banking, Finance and Insurance Award 2020 (MA000019). However, some employees may be covered by an enterprise agreement or may be award-free. Check your employment contract or payslip for your applicable award.
Yes, provided you meet the eligibility requirements: you must have completed the minimum employment period (6 months for employers with 15+ employees, 12 months for small businesses), and earn below the high-income threshold ($190,100) unless covered by an award or enterprise agreement. You must lodge within 21 days of dismissal.
The FWC filing fee is $83.30 (2025-26). Finance sector employees should check whether they earn above the high-income threshold ($190,100), as this affects eligibility. Financial sector whistleblowers have additional protections under the Corporations Act 2001.
While major banks and insurers are large employers, financial planning practices, mortgage brokers, and small insurance agencies may be small businesses with fewer than 15 employees.
The Fair Work Commission can order reinstatement to your former position or compensation of up to 26 weeks' pay (based on your base rate of pay). The amount depends on factors including length of service, efforts to find new employment, and any misconduct. General protections claims have no compensation cap.
Get notified when rates change
Free alerts when minimum wage, award rates, or workplace laws are updated.
Free forever. No spam. Unsubscribe anytime.
General information and estimates only — not legal, financial or tax advice. Always check your specific award, agreement or contract, or a qualified professional, before you rely on the result.
Free tools surface the issue. Our partners help you solve it.
Authorised Employment Hero Partner
Australian HR, payroll, rostering and award interpretation in one platform. Used by 300,000+ businesses. Fixes the underlying payroll/compliance issues our calculators surface.
Best for: SMEs that have outgrown spreadsheet payroll or want automated award interpretation.
See Employment HeroHR support partner
Senior, hands-on HR support for your toughest workforce challenges — performance and conduct, grievances and mediation, redundancy and change. Liquid HR picks up where the technology ends.
Best for: employers and individuals who need a human HR professional to guide a workplace situation, not just a calculator.
Talk to Liquid HRIT, Microsoft & cyber partner
Microsoft 365, Copilot rollouts, Essential Eight, Privacy Act 2026 and board-level cyber compliance for Australian SMBs. Where pay and HR end, your data and IT obligations begin.
Best for: SMBs running on Microsoft 365, anyone hitting cyber/privacy compliance, boards wanting an outside read on IT risk.
See FrontrowRecommended partners — we only recommend partners we've vetted as a good fit for Australian workplaces. Some partnerships help fund the free tools on this site.