Have you ever wondered how your income compares to other Australians?
Well, each year the ATO publishes a breakdown of the taxable income distribution of Australian workers.
So let's have a look at how you compare...
According to the Australian Bureau of Statistics, the median Australian employee earned $65,000 in 2022.
This figure captures both full-time workers and part-time workers.
In other words, half of all Aussie workers earned more than this and, of course, the other half earned less.
While incomes have increased steadily over the past few decades, clearly they're not keeping up with inflation today.
In 1975, the median employee earned $6448 per year.
In the 47 years since then, wages have grown by about 5 per cent annually, taking median employee income to where it is today.
ATO stats for 2019-20, the most recent year for which data is available, the median taxpayer – that is, the person at the 50th percentile – reported a taxable income between $60,326 and $61,264.
- If your taxable income was $131,501 or higher, then you earned more than 90% of other Australians.
- If your taxable income was more than $253,066, then you took home more than 99% of Aussie taxpayers.
While analysing incomes is interesting, what about wealth?
The ABS provides these stats and we already know that most Australians' household wealth is made of residential real estate (predominantly their homes).
Then there are shares and superannuation to take into account and net wealth has risen, despite Aussies taking on more debt.
The data show the median household had a net worth of $579,200 in 2019-20.