Luci Ellis salary and the national average
Luci Ellis is a well-known Australian economist who served as an assistant governor at the Reserve Bank of Australia before becoming chief economist at Westpac in 2023. Her salary is not a matter of public record. Unlike some public-sector roles, executive pay in the private sector is not published in a central register. This page explains how her role likely compares to the national full-time average and what factors would move a salary above or below that line.
The national full-time average: the line
The Australian Bureau of Statistics publishes the most authoritative measure of typical earnings. In its Average Weekly Earnings survey for May 2026, the ABS reported that full-time adult ordinary-time earnings were $2,083.70 a week. Multiplied by 52 weeks, that gives an annual figure of about $108,352. This is the line used on this site. It represents the average gross weekly pay before tax for full-time employees, excluding overtime. The ABS notes that changes in the average are affected by shifts in the workforce composition as well as pay rises.
For context, the full-time median – the midpoint where half earn more and half earn less – is lower. The ABS Employee Earnings and Hours survey for August 2025 put the full-time median weekly earnings at $1,887, or about $90,532 a year. The all-employees median (including part-time workers) was $1,436 a week, about $74,100 a year. These medians give a better sense of what a typical worker earns, while the average is pulled upward by high earners.
Where does a chief economist sit?
Luci Ellis's role as chief economist at one of Australia's largest banks places her in the top tier of the labour market. The ABS data shows that managers had the highest median hourly earnings of any occupation at $69.20 in August 2025. Chief economists are classified as managers or professionals, and their pay is set by individual arrangement – the most common method for high-income roles. The ABS reports that 38.5% of employees have their pay set by individual arrangement, and this group tends to have higher average earnings than those on awards or collective agreements.
While we cannot give a precise figure for Luci Ellis's salary, we can say with confidence that it is well above the national full-time average. Executive remuneration in banking typically includes a base salary, a short-term bonus, and long-term incentives such as equity. Total packages for chief economists at major banks are often in the range of $500,000 to $1 million or more, though this is an informed estimate based on industry commentary, not a published figure.
What moves pay above or below the average?
Several factors determine whether a salary sits above or below the national full-time average of $108,352.
Occupation and industry are the strongest drivers. The ABS Employee Earnings and Hours survey shows that professionals and managers earn far more than sales workers or labourers. Financial and insurance services is one of the highest-paying industries. A chief economist in banking benefits from both a high-skill occupation and a high-paying industry.
Experience and seniority also matter. Luci Ellis has decades of experience in economic policy and analysis, including a senior role at the RBA. That expertise commands a premium in the private sector.
Location plays a role. The state full-time averages vary: the Australian Capital Territory is highest at about $119,090, while Tasmania is lowest at about $96,008. Westpac is headquartered in Sydney, New South Wales, where the full-time average is about $109,658 – slightly above the national average. But for executive roles, location is less of a constraint because the market is national.
Gender is a factor in the aggregate data. The ABS reports that men's full-time ordinary-time average is about $113,412 a year, while women's is about $100,594. The gap reflects differences in occupation, industry, and hours, not just pay rates for the same job. Luci Ellis is a woman in a senior role, which is still relatively uncommon in banking leadership, but her individual pay would be set by her employer's remuneration policy, not by gender averages.
Method of setting pay matters. Employees on individual arrangements earn more on average than those on collective agreements or awards. The national minimum wage from 1 July 2026 is $26.44 an hour, or about $52,255 a year on a 38-hour week – less than half the full-time average. Award minimums rose by 4.75% that year, but they still cover only a minority of workers.
Using the line to benchmark
If you are trying to benchmark your own salary or a role you are considering, the national full-time average is a useful starting point. You can place a salary on the line to see how it compares. For specific occupations, the job medians page shows typical earnings for roles like economist, financial manager, or analyst. The guides section explains how tax brackets and the Medicare levy affect take-home pay.
For Luci Ellis, the absence of a published figure means we cannot give a precise comparison. But the available data makes it clear that her role is far above the average. The ABS average of $108,352 is a benchmark for typical full-time workers; executive roles in banking are a different tier entirely.
Summary
Luci Ellis's salary is not publicly available. The national full-time average from the ABS is $108,352 a year. Based on her senior executive role at a major bank, her total remuneration is almost certainly well above that figure. Factors such as occupation, industry, experience, and individual bargaining all push her pay upward. For anyone wanting to understand where their own salary sits, the ABS data provides a reliable line to measure against.