That's approximately USD 5,032 per month, according to the exchange rates in April 2023. Interestingly, the average monthly salary in Australia is lower than in the United States (USD 7,900 per month) and the United Kingdom (USD 7,347 per month).
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.
So with 120k, you are looking at close to 7k a month take home. That is enough money to support a family so for a single person, that should be plenty. How much salary is enough to comfortably live in australia?
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.
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.
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.
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.
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).
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.
In 2019-20, a household at the 90th percentile of the distribution – that is, a household that is richer than 90 per cent of households – had a net worth of $2.26 million. A household at the 10th percentile was worth just $36,900, or 61 times less.
The ATO classifies those who control a net wealth of $5 million or more as 'wealthy individuals'2.
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.
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.
The average Australian would need to earn over $300,000 a year to consider themselves as officially "rich", new research has found.
Find out what the average Teacher salary is
The average teacher salary in Australia is $84,357 per year or $43.26 per hour. Entry-level positions start at $74,301 per year, while most experienced workers make up to $119,545 per year.
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.
Australia had over 176 thousand millionaires in 2020, an increase in the number of millionaires from the previous year. This was estimated to grow to over 215 thousand millionaires in the country by 2025.
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.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
The data shows Australia has 12,706 taxpayers earning more than $1m, the vast majority of whom have paid some sort of tax on their taxable income.
The amount needed for retirement will be different for everyone, but for most people $2 million will be more than adequate. Here's a simple example of how a person could utilise that $2 million dollar amount over a 30-year period (60 to 90 years-old):
Middle-income class refers to households with income between 75% and 200% of the median national income. Upper-income class refers to households with income above 200% of the median national income.
Household wealth
Research has found that couples aged between 50 and 70 years have the highest median net worth (nearly $900,000), while singles aged between 30 and 40 years have the lowest median net worth ($50,000).