Employed as a sole contractor earning well below award, my rights and what i can do??

[Arm out the window]

"Contractors generally have their own insurance."

That's one part of it you should be very concerned about, not just the low pay. If you kill or injure someone, or yourself, or break an aircraft, who's paying?
If you're a 'contractor' and don't have appropriate insurance, you could be in trouble. Get some professional advice.