- New South Wales accounts for seven of the top ten highest-earning postcodes in Australia, according to new Australian Taxation Office data.
- Double Bay ranks #1, with residents claiming an average taxable income of $202,598.
- Medical professionals secured the top three highest-earning vocations, while the figures also outline the gender pay gap and disparities in superannuation holdings.
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Sydney postcodes have once again dominated the list of highest-earning suburbs in Australia, according to the latest figures from the Australian Taxation Office (ATO).
Pulling data from the 2018-2019 financial year, the ATO reports Double Bay was the top-ranked suburb, with an average taxable income of $202,598.
Melbourne’s Hawksburn and Toorak ranked second, boasting an average taxable income just shy of $202,000, yet Sydney’s bayside suburbs all but commandeer the list.
The postcode 2027, holding Darling Point, Edgecliff, HMAS Rushcutters, and Point Piper, came third, with an average taxable income of $199,813.
The top ten ranking also features NSW hotspots like Vaucluse, Woollahra, Bellevue Hill, Mosman, and Northbridge.
Only two other non-NSW locations made the cut: Cottesloe and Peppermint Grove in Perth, with an average taxable income of $179,376; and Portsea in Victoria, where the average earner reports $175,356 to the ATO.
Beyond outlining where Australia’s wealth is centred, the data also provides an insight into how it’s earned.
The 4,150 Australians who listed themselves as surgeons earned the highest average taxable income, with those medical professionals reporting $394,303 to the tax office.
Anaesthetists ($386,065) and internal medicine specialists ($304,752) rounded out the top three, while psychiatrists ($253,558) and other medical practitioners ($222,933) saw healthcare workers represent half of the top ten.
Financial dealers ranked fourth with average taxable incomes of $275,984. Legal professionals ($188,798), mining engineers ($184,507), managing directors ($164,896), and engineering managers ($159,940) saw out the top ten.
Over the financial year, those who earned over $180,001 contributed 31.5% of Australia’s net tax.
Naturally, wages were not the sole source of taxable income. The 744,478 Australians who reported net capital gains claimed an average of $26,446 — just shy of the average figure of $30,794 reported a year prior.
The taxation statistics also serve as a reminder that inequalities exist at the upper echelons of earning potential.
The median taxable income for men in 2018-2019 was $55,829, more than $15,000 more than reported by women.
Similarly, men commanded a median superannuation account balance of $57,883, while the median for women was $45,118. Women also commanded lower super balances through every stage of life.
Overall, the average taxable income increased to $62,549 in 2018-2019, just north of the $61,217 figure recorded one year earlier.