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?
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