Generally speaking, you should shoot for at least the mean wage. A good salary in Australia might be anything from AU$ 90,000 to AU$ 108,000. A decent benchmark for what you should make is the median salary of $72,000 per year.
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.
National Minimum Wage increase
From 1 July 2023, the National Minimum Wage will increase by 5.75%. This means the new National Minimum Wage will be $23.23 per hour, or $882.80 per week. This increase will apply from the first full pay period starting on or after 1 July 2023.
The average annual salary in Australia is $68,900 and $35.30 per hour. It is just the average salary for basic workers but skilled and experienced workers also earn around $108,980 annually. The average salary also varies depending on the field of work and the job role of workers.
Just 3.8 per cent of taxpayers had a taxable income that high in 2019-20. And only 25 per cent had a taxable income higher than $80,000 a year. So a taxpayer with an annual income of $80,000 is in the top quarter of Australian taxpayers.
$100,000/year is above an average salary and if you're frugal enough, on $100,000/year, you should be able to live a good life and save some money too. Usually if you consider living in desirable locations of cities like Melbourne and Sydney, most of your income will be consumed in the house rents.
The report also found that 4 out of 5 Australians earn less than $100,000 annually – reportedly the lowest on record. In 2012-13 for example, the number was 9 in 10. So if you're on $100k or more, congratulations, you're in the top 20% of Aussie income earners.
The top 20% richest individuals have annual pre-tax incomes of about $330,000, the middle 20% make about $116,000 while the lowest 20% earn $41,000. In terms of income from investments, the biggest chunk is concentrated at the topmost. Close to 70% of investment income goes to the 20% most moneyed households.
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. Someone who earned more than $253,066 was in the top 1%.
The Australian middle class has a median household income of AUD$80,000. This statistic is a key indicator of the financial health of the Australian middle class.
As part of the Annual Wage Review (AWR) 2022-23, the Fair Work Commission (the Commission) has increased the National Minimum Wage and award minimum wages. From 1 July 2023: the National Minimum Wage increased to $882.80 per week or $23.23 per hour. award minimum wages increase by 5.75%.
[21] The second step is that we have further increased the rate of the National Minimum Wage by 5.75 per cent. [22] These adjustments will take effect on 1 July 2023.
Generally speaking, you should shoot for at least the mean wage. A good salary in Australia might be anything from AU$ 90,000 to AU$ 108,000. A decent benchmark for what you should make is the median salary of $72,000 per year.
Anyone earning $180,000 would definitely be one of the country's highest paid workers. The large majority of workers (about 75 per cent) earn less than $78,624 a year before tax.
Summary of cost of living in Australia: A family of four estimated monthly costs are 3,877.4$ (5,831.5A$) without rent. A single person estimated monthly costs are 1,099.1$ (1,653.0A$) without rent. Cost of living in Australia is, on average, 0.7% higher than in United States.
Not only are individuals on $200,000 very much at the top but even households earning that much are. If we just look at all households in Australia we find that the median annual income in 2017-18 was $88,764: But that doesn't tell us very much about standards of living.
People in the census's very top income bracket, like you, earn at least $156,000 a year — or $3,000 a week — before tax. At census time, there were about 596,531 people in Australia above that income level — or 3.8 per cent of income earners.
But the survey also discovered that around one in four (25 per cent) of Aussies wouldn't consider themselves rich unless they were earning at least $500,000 a year. Finder personal finance expert Kate Browne said persistently pining for more money could be a dangerous game.
There is no “one size fits all” plan for all but it is understood that an individual may need approximately $20,000 each year and an average family needs more than $50,000 a year to get by in Australia.
The average Australian would need to earn a salary of $326,900 per year to feel rich – nearly seven times the median wage, according to research released earlier this year. But one in four Aussies wouldn't consider themselves rich until they raked in a whopping $500,000.
There aren't many of them, just 110,613 — 82,258 men and 28,355 women. Only 39,209 have taxable incomes of more than $500,000, and of these only 14,467 have taxable incomes of more than $1 million.
The average American household needs to bring in $652,657 a year to be classed among the top 1% of earners across the country, according to research published Thursday by financial advisors SmartAsset. The report analyzed 2020 IRS data to identify America's highest earners.