ATO tax statistics expose Australia’s highest earning suburbs, occupations

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.

^{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. 

^{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.

Advertisement

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Image by Rachel Claire via Pexels