Which industries have the highest incomes? Mining industry workers are Australia's top earners, with the median employee in the sector taking home $54.90 an hour in 2022, according to the ABS.
The top 10 per cent of earners in Australia make $122,664 or more, with some of the best paid incomes in the country including miners who rake in $124,550 on average, school principals who take home $130,142 and dentists that are earning $131,773.
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.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
So if you're on $100k or more, congratulations, you're in the top 20% of Aussie income earners. If not, don't worry, you're in the good company of 80% of Aussies.
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%.
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.
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.
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. Mr Derbas suggested in the video that singles living in the Harbour City would do incredibly well on the same salary.
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.
According to the Association of Superannuation Funds of Australia's Retirement Standard, to have a 'comfortable' retirement, a couple who own their own home will need an income of about $70,500. A single person will need an annual income of more than $50,000.
Comparison of doctor salary in Australia vs globally
According to Medscape's 2022 Global Compensation Report, the average annual salary for doctors in Australia is USD 199,000, which is higher than the global average of USD 142,000.
Salaries start to jump significantly the closer you get to the top 1%. You'll start to see dramatic shifts in the top 5%, where the EPI found the average earners significantly increased to $343,000 in 2020, up from $324,000 the year before.
$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 average Australian would need to earn over $300,000 a year to consider themselves as officially "rich", new research has found.
Location – With some parts of Australia (namely: the big cities) having significantly higher costs of living than suburban or remote areas, your location is likely the biggest factor in this discussion. Experience – For someone starting out in their career, $60k is a reasonable pay.
Americans say it takes $2.2 million to qualify as wealthy these days, according to Charles Schwab's (SCHW) 2023 Modern Wealth survey. When Schwab started doing the survey in 2017, respondents said it took $2.4 million to be considered wealthy.
Across the US, the average income for the top 2% of all earners is $206,000.
The ATO classifies those who control a net wealth of $5 million or more as 'wealthy individuals'2.
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.
NSW houses the highest income earners out of any state, with 373,000 people in the top bracket. This was followed by Victoria and then Queensland, at 263,000 and 170,000 people respectively. The Northern Territory, meanwhile, had just 7300 people earning over that threshold.
Your salary is based on the number of years of postgraduate experience. The average registered nurse salary in Australia is around $79,550 per year (about $41,00 per hour. Entry-level positions start at $76,063 per year up to $97,568 per year.
What can I earn as a Lawyer? The average annual salary for Lawyer jobs in Australia ranges from $80,000 to $100,000.
The average paramedic salary in Australia is $89,700 per year or $46 per hour. Entry-level positions start at $60,648 per year, while most experienced workers make up to $123,890 per year.