Australia’s Highest Earning Suburbs and Occupations Unveiled
According to new ATO statistics released this week, Australians earned an average taxable income of $72,327 in the 2022 financial year.
Sydney’s eastern suburbs top the list of highest-earning suburbs, with Double Bay residents reporting the highest average individual taxable income of $354,308.
In Perth, postcode 6011 covering Cottesloe and Peppermint Grove had an average taxable income of $295,283, securing the second spot on the list.
Postcode 2027 in Sydney, which includes Darling Point, Edgecliff, HMAS Rushcutters, and Point Piper, came in third with an average taxable income of $269,777.
Other notable areas on the list included postcode 3142 in Melbourne, covering Toorak and Hawksburn, with an average income of $266,020, and Bellevue Hill in Sydney with an average taxable income of $245,728.
Surgeons were the highest-paid occupation in Australia, with an average taxable income of $460,356, followed by anaesthetists, financial dealers, and internal medicine specialists.
Other key statistics from the ATO report include a rise in net capital gains reported by individuals, an increase in luxury car tax, and the top tax liabilities being in the mining and financial industries.
The average taxable income for the 2022 financial year was $72,327, with males earning an average of $84,326 and females reporting $60,054.
The Australia Institute noted that men have a higher average salary in 96 percent of all occupations, despite some improvements in the gender pay gap in certain occupations.
Meanwhile, federal politicians will receive a 3.5 percent pay increase from July 1, on top of previous raises in 2022 and 2023. Prime Minister Anthony Albanese’s salary will increase to approximately $607,500 per year.
The minimum wage was also recently raised by 3.75 percent by the Fair Work Commission, effective from July 1.
