Australia may not have the biggest population in the world (23 million people), but this is still a vast country, with sometimes quite drastically different incomes across our states and cities.
To get a better picture of who earns what in our great nation, in addition to where they live, how old they are and other key facts, we’ve compiled a summary.
Australia’s highest paying jobs
Based on the Australian Taxation Office’s (ATO) findings for 2012-13, the following roles take the top 10 spots for highest average annual pay cheque. We’ve also included how many people have these jobs.
|Profession||Average annual salary||Number of people|
|Internal medicine specialist||$263,601||7,525|
|Other medical practitioners||$166,025||30,455|
|Chief executives and managing directors||$152,364||146,355|
|Generalist medical practitioners||$144,498||23,430|
While the medical professionals top and tail the list, we also see broader representation from the legal, mining, financial and broader business industries.
Income versus age
Let’s take a look now at the population itself to see when we tend to earn the most money.
The Australian Bureau of Statistics’ (ABS) most recent data on the subject reveals that household earning rises quite dramatically from our teens until mid-life, then gradually falls as we approach retirement.
The average weekly household income (note, that’s household, not individual person) sat at around $2,068.4 for those aged 25-29, rose to $2,347.2 by the time people were 45-49, then slowly dropped to $745.5 for the over-75 age bracket.
|Age Bracket||Weekly Household Income||52 weeks Household Income|
Where do high earners live?
High earners might want to live in a highly sought-after area, whereas those with lower salaries might prefer an area with more manageable rental costs.
For opulent mansions and neighbours with full pockets
, the ATO’s statistics show that the following suburbs came out on top:
- Sydney’s suburbs of Edgecliff, Darling Point, Point Piper or HMAS Rushcutters
- St Andrews, on the outskirts of Melbourne
- Bellevue Hill, nearby the Sydney suburbs in the no. 1 spot
- Perth’s Cottesloe and Peppermint Grove areas
- Inner-east Melbourne’s Hawksburn and Toorak suburbs
Australian state economic rankings
Commonwealth Securities (CommSec) recently released its State of the States 2015 rankings, comparing each of our regions against each other based on various economic indicators.
ACT currently has the lowest unemployment rate in the nation.
However, if you compare all of CommSec’s economic variables against each other, which also include retail spending, dwelling costs and population growth, the rankings change. Indeed, the strongest state as of July this year was NSW.
Here are the rankings in full:
|State||Unemployment Rate||Overall State Ranking|
Where do you compare against the rest of Australia?