What jobs in Australia pay really well?
Well, the Australian Taxation Office (ATO) has just revealed the highest-paid jobs in the country, and once again, surgeons have claimed the top spot, earning an impressive average of $460,356.
According to an article from Yahoo Finance, this figure only accounts for 4,170 workers in the country, but it’s worth noting that surgeons are earning more than eight times the median Australian wage from the same period.
Medical professions continue to dominate the list, making up half of the top 10 roles.
Anaesthetists came in second with average earnings of $431,193, while financial dealers were the only non-medical professionals to break into the top six.
They came in third with $373,733, enjoying the biggest pay jump from the last reporting period, with an increase of $41,935.
Interestingly, chief executive officers and managing directors make up the largest group in the top 10, with 224,856 people in these roles—more than five times the number in all of the top 10 medical roles combined.
Here are the full top 10 roles and how much their incomes have grown over 12 months:
- Surgeon: $460,356 (up $3,075)
- Anaesthetist: $431,193 (up $4,299)
- Financial Dealer: $373,733 (up $31,935)
- Internal Medicine Specialist: $340,729 (up $6,462)
- Psychiatrist: $276,545 (up $6,133)
- Other Medical Practitioners: $255,754 (up $4,032)
- Mining Engineer: $214,365 (up $18,187)
- Judicial or Other Legal Professional: $204,934 (up $11,546)
- Chief Executive Officer or Managing Director: $197,720 (up $20,214)
- Financial Investment Advisor or Manager: $185,834 (up $13,226)
How much does the average Australian earn?
The latest ATO data also details the average and median taxable income.
The average wage—if you add up every Australian's wage and find the midpoint—was $72,327 per year.
However, this figure can be skewed by high-income earners.
The median income, the 'middle' where half of all wages are smaller and the other half larger, was $53,041.
The most up-to-date data on earnings from the Australian Bureau of Statistics, released earlier this year, indicated that the full-time adult average weekly earnings (seasonally adjusted) in November 2023 were $1,888.80, or about $98,200 annually.
The median weekly income was $1,300 (before tax) or $67,600 per year, meaning half of all Australians earn less than this.
The ATO also reported that the majority of Australians (44.1 per cent) fell in the $45,001 to $120,000 tax bracket.
Only 5 per cent of the population earned more than $180,000 but paid 40.1 per cent of the net tax.
More millionaires escape tax bills
The latest ATO data also revealed some interesting insights into tax payments.
More than 100 millionaires paid no tax in the 2021-22 year, a significant increase from the prior year, where only 66 avoided contributing to the public purse.
They achieved this by declaring over $250 million in deductions, most of which were for tax-deductible charities, averaging over $2 million in claims.
Meanwhile, the income tax burden on average workers and wealthy people has continued to grow.
Those earning between $45,000 and $120,000 in taxable income contributed 37.2 per cent, and those earning $180,000 or more contributed about 40 per cent to the net tax.
Huge deductions
According to an article from The New Daily, Australians are becoming more savvy with their tax deductions.
Millions took advantage of generous work-from-home deductions during the COVID-affected 2021-22 year.
The average tax deduction for work-related expenses was $2,506, while the median amount was $1,342.
Deductions for superannuation contributions were also significant, totalling $17,648 on average (about 40% of the average income), with the median at $15,000.
Superannuation balances
These contributions are boosting super balances.
The ATO reported that the median super balance for men entering retirement (aged 65 to 69) has topped $200,000.
Women, however, are worse off, with a median balance of just over $150,000 for ages 60 to 65 and just under $200,000 for ages 65 to 69, suggesting large voluntary contributions just before retirement.
Younger Australians aged 30 to 34 have less than $40,000 in super savings at the median, a worrying sign given concerns that rising house prices will make retirement more expensive in the future.
Top earning postcodes
The ATO also revealed the postcodes with the highest income earners.
Double Bay in NSW tops the list, with an average taxable income of $354,000 a year, followed by Peppermint Grove in Western Australia ($295,000 a year).
Darling Point in NSW ranked third ($269,000 a year), while Victoria’s wealthiest suburb, Toorak, was fourth, with an average annual incomes of around $266,000.
