Data for the 2018-19 financial year reveals Australia's top ten richest and poorest suburbs in terms of average taxable income.
According to figures released yesterday by the Australian Taxation Office (ATO), most of the suburbs with the highest average taxable income were in Sydney's inner-east and North Shore, with some Melbourne suburbs thrown in plus one in Perth.
| Rank | Richest Postcodes | Poorest Postcodes |
|
1 |
Double Bay, NSW (2028) $202,541 | Burren Junction, NSW (2386), -$9,735 |
| 2 | Toorak, Vic (3142) $201,926 | Bulyeroi, NSW (2387), $902 |
| 3 | Darling Point & Point Piper, NSW (2027) $199,842 | Gurley, NSW (2398), $11,493 |
| 4 | Dover Heights & Vaucluse, NSW (2030), $197,906 | Eulo, Qld (4491), $14,354 |
| 5 | Woollahra, NSW (2025), $183,417 | Teelba & Glenmorgan, Qld (4423), $14,923 |
| 6 | Peppermint Grove & Cottesloe, WA (6011), $179,403 | Mungallala, Qld (4467), $16,985 |
| 7 | Portsea, Vic (3944), $175,356 | Muttaburra, Qld (4732), $17,229 |
| 8 | Bellevue Hill, NSW (2023), $173,287 | Goolhi, NSW (2379), $17,337 |
| 9 | Mosman, NSW (2088), $171,144 | Bogan Gate, NSW (2876), $19,160 |
| 10 | Northbridge, NSW (2063), $168,940 | University of NSW (2052), $21,329 |
Source: Australian Tax Office, 2018-2019 data.
The top-earning ACT postcode is 2603, comprising of Griffith and Manuka among others, with an income of $119,441.
Queensland's top postcode is 4007, which comprises of Ascot and Hamilton, for an average income of $109,289.
South Australia's was 5061, just south of the Adelaide CBD, earning $103,082.
Tasmania's top-ranking postcode was 7112, south of Hobart, earning $89,670.
The Northern Territory's was surprisingly Alyangula, 0885, which is on Groote Eyelandt off the coast of Arnhem Land with an income of $88,081.
An NT suburb more familiar to many is Bayview & Fannie Bae, postcode 0820, with an income of $81,945.
It's important to note this is average income, which encompasses part and full-time workers alike.
So, among full-time workers in the wealthiest suburbs, these averages are likely to be much higher.
The average too is likely to be pushed up by a select few earning into the millions.
The median for most of these suburbs are generally much lower, implying there are many residents who haven't earned any taxable income, such as retirees.
The data doesn't count asset value, either.
In contrast, the top two poorest postcodes, west of Narrabri, have relatively few individuals making up the numbers, and the massive loss in Barren Junction could imply a farming investment write-off.
The University of NSW, too, is large enough to have its own postcode, and there are bound to be a few students on campus earning relatively little money.
The University of Newcastle's postcode was also ranked 12th poorest.
Advertisement
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDUNLIMITED REDRAWSSPECIAL OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| ||||||||||||
Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDAN EASY DIGITAL APPLICATION | Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
| ||||||||||||
Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
| ||||||||||||
Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
| |||||||||||||
| Variable | More details | ||||||||||||
| NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY. | Variable Home Loan (Principal and Interest)
| ||||||||||||
Variable Home Loan (Principal and Interest)
| |||||||||||||
- Fast turnaround times, can meet 30-day settlement
- For purchase and refinance, min 20% deposit
- No ongoing or monthly fees, add offset for 0.10%
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 25, 2022. View disclaimer.
Notable Residents
The richest postcodes in Australia are home to some familiar faces.
For example, former Prime Minister Malcolm Turnbull has famously had a home in Point Piper for some years now.
Atlassian's co-founders (creators of lovely software such as Jira and Confluence), also call Sydney's North Shore home.
Mining magnate Gina Rinehart has a home in Cottesloe, while Channel Nine stalwart and former Collingwood president Eddie McGuire has a home in Toorak.
View this post on Instagram
Photo by Manny Moreno on Unsplash
