Which suburbs earn the most money? Which suburbs earn the least?

author-avatar By on June 08, 2021
Which suburbs earn the most money? Which suburbs earn the least?

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.


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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. 


Photo by Manny Moreno on Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
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Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Harrison joined Savings in 2020. He is an experienced journalist, with previous stints at News Corp and financial comparison site Canstar. With a keen interest in personal finance, Harrison is passionate about helping consumers make more informed financial decisions.

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