The latest figures compiled from the 2019-20 tax returns of more than 14 million Australians saw Cottesloe and Peppermint Grove residents in WA blitz the field earning $325,343 on average in taxable income.

Home to former Foreign Affairs Minister Julie Bishop, the famous seaside postcode came in sixth in the 2018-19 figures, marking a solid climb up the ranks.

The latest results mark the first time a postcode’s average taxable income has reached $300,000.

The remaining country’s top 10 richest postcodes were dominated by Sydney, claiming eight of the top 10, with Victoria snagging the last spot.

Postcode 2027 (Darling Point, Edgecliff, and Point Piper) came in second with an average taxable income of $205,957, with postcode 2023 (Bellevue Hill) following shortly behind with $195,204.

Hawksburn and Toorak (postcode 3142) came in fifth with an average taxable income of $184,939.

This data might not come as a surprise considering the median cost for a house in Sydney is $1,552,015, according to Domain’s June House Price Report.

Postcode Suburb Average taxable income or loss
6011 - WA Cottesloe and Peppermint Grove $325,343
2027 - NSW Darling Point, Edgecliff, and Point Piper $205,957
2023 - NSW Bellevue Hill $195,204
2030 - NSW Dover Heights, Rose Bay North, Vaucluse, Watsons Bay, and HIMAS Watson $186,025
3142 - VIC Hawksburn and Toorak $184,939
2088 - NSW Mosman and Spit Junction $177,645
2110 - NSW Hunters Hill and Woolwich $175,907
2025 - NSW Woollahra $172,600
2063 - NSW Northbridge $170,619
2028 - NSW Double Bay $170,051

Source: ATO top 10 richest Australian postcodes

Regional NSW didn’t share the same level of wealth, with five areas placing in the top 10 poorest postcodes. 

The top three poorest postcodes were 2398 (Gurley), 2386 (Burren Junction, Drildool, and Nowley), and 2405 (Boomi and Garah). Their average taxable incomes were negative, likely due to farming losses. 

Other regional areas in NSW included postcode 2397 (Bellata, Jews Lagoon, and Millie), and 2873 (Albert, Five Ways, Miamley, and Tottenham). 

To round out the bottom 10, Queensland had three postcodes while South Australia had two. 

Postcode Suburb Average taxable income or loss
2398 - NSW Gurley -$23,484
2386 - NSW Barren Junction, Drildool, and Nowley -$17,794
2405 - NSW Boomi and Garah -$14,763
5013 - SA Gillman, Ottoway, Pennington, Rosewater, and Rosewater East -$7,906
2397 - NSW Bellata, Jews Lagoon, and Millie -$4,645
4423 - QLD Glenmorgan and Teelba -$1,172
2873 - NSW Albert, Five Ways, Miamley, and Tottenham $9,822
4426 - QLD Jackson, Jackson North, and Jackson South $9,851
5309 - SA Borrika, Halidon, Mindarie, and Sandalwood $11,576
4498 - QLD Kioma and Toobeah $11,807

Source: ATO top 10 poorest Australian postcodes

The country’s richest professions 

Based on average taxable income, surgeons and anaesthetists continue to dominate as the country’s most lucrative professions earning $406,068 and $388,814 respectively.

Internal medicine specialists come third with an average salary of over $310,000, while financial investment advisors/managers round out the top 10 with $155,882.

On the flip side of the coin, the lowest paid Australians were hospitality workers with $19,877. 

Closely followed were fast food cooks and apprentice trainees in sport and recreation with $20,477, and apprentices in cleaning services with $24,330.

Other notable snippets

The data revealed not just income and postcode earnings data; there was also some interesting information about what the average person earns and how much money they’ve got sitting in their retirement piggy banks

The average taxable income for Australians was $63,882 in 2019-20, up 2.1% on the previous tax year. 

While women earned an average of $52,798, men continued to earn more with $74,559. 

In terms of superannuation funds, the median Australian had just shy of $50,000 while the average balance was much higher at $145,388. 

Averages (mean) are usually blown-out by a handful of very large balances and incomes, while the median picks the middle number.


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