Many consider earning six figures to be a mark of success, and earning this much money may provide you with the ability to live a certain lifestyle.
Average Australian Salaries in 2023
A taxable income that was $131,501 or higher was within the top 10% of earners in Australia last year. About 5% of taxpayers had incomes above $180,000.
So a taxpayer with an income of $80,000 a year is therefore in the top 20 per cent of Australians.
What is a good salary in Australia? A good salary in Australia is $5,000 to $6,000 per month or $60,500 to $72,500 per year. The national average income is $60,500 per annum. If living in major cities like Melbourne and Sydney, expect to earn around $100,000 per year or more depending on your experience.
Barely average for an individual, below average for a family.
How much money you need to earn to be considered rich in Australia NOW as inflation eats into wages. An Australian full-time worker now needs to earn $91,000 a year to be considered an above-average income earner.
"A small percentage of high-income earners make average income statistics look impressive, but the reality is that the typical middle-class Australian is actually earning a $50,000 salary," Ms Browne said.
Someone earning $200,000 a year would be among the top 3.5 per cent of Australians who fall into the top tax bracket which cuts in at $180,000 a year.
Four in five Australians earn less than $100,000 with new tax figures revealing the federal budget is increasingly reliant on the nation's best-paid 1 per cent to cover the cost of growing services and infrastructure.
If your taxable income was $131,501 or higher, then you earned more than 90 per cent of other Australians. If you earned more than $253,066, then you took home more than 99 per cent of taxpayers. About 5 per cent of taxpayers had incomes above $180,000.
If you make $300,000 a year living in Australia, you will be taxed $111,667. That means that your net pay will be $188,333 per year, or $15,694 per month. Your average tax rate is 37.2% and your marginal tax rate is 47.0%.
The median salary in Australia in 2023 is 6,650 AUD (USD 4,420) per month. The median salary refers to the middle value of all the salaries considered. In other words, around half of the population in Australia earns less than 6,650 AUD per month, while the other half earns more.
Approximately 58% of the Australian population is considered to be part of the middle class. What is the average annual income range for the Australian middle class? The average annual income range for the Australian middle class is between AUD 46,000 and AUD 140,000.
The amount of female respondents with salaries over $100k has increased from 16 per cent in 2017 to 20 per cent in 2019 - but the amount of male respondents with salaries over $100k has also increased from 37 per cent in 2017 to 41 per cent in 2019.
The average earnings of the top 20% are 12x the average earnings of the bottom 20% and the wealth of the average household in the top 20% is 93x the average wealth of those in the bottom 20%. The average household gross income is $121,108, however the top 20% of households earn 48% of all income.
The net worth required to be in the top one per cent of Australia's rich was the third highest figure globally, behind Monaco and Switzerland. But the number might surprise you. To be considered in Australia's highest percentage of wealth, you must have a total net worth of a staggering US$5.5 million (A$8.26 million).
Overall, less than 3 per cent of Australians feel wealthy despite the fact that more than 15 per cent of those surveyed earn more than $200,000 a year. However, most people surveyed felt “comfortable” on their current wage, with 55 per cent indicating this on a sliding scale when asked if they felt wealthy.
A total of 15,358 Australians reported total incomes of more than $1 million.
There were 662,000 Australians — roughly 3 per cent of the population — in the top earning bracket of $3500 or more a week with salaries of more than $182,000 a year. Of those wealthy Aussies, 834 were people aged 15-19.
If you make $150,000 a year living in Australia, you will be taxed $43,567. That means that your net pay will be $106,433 per year, or $8,869 per month.
Officially, the average wage is $75,000 a year, but that is skewed by a small number of very high income earners. In reality, around 70 per cent of tax payers actually earn less than the average wage. If pensioners are included in this count, four out of five Australians earn less than the average.
If you make $130,000 a year living in Australia, you will be taxed $35,767. That means that your net pay will be $94,233 per year, or $7,853 per month.
If you make $75,000 a year living in Australia, you will be taxed $16,342. That means that your net pay will be $58,658 per year, or $4,888 per month.
The average full time salary in Australia is $70,001 per year or $35.90 per hour. Entry-level positions start at $57,505 per year, while most experienced workers make up to $106,547 per year.
The average doctor salary in Australia is $156,000 per year or $80 per hour. Entry-level positions start at $122,508 per year, while most experienced workers make up to $263,250 per year.