High wealth, high income Western Australia is leading in terms of both income and wealth, with $133,224 and $952,500 respectively, which is well above the average household annual gross income of $107,276 and average household net worth of $809,900.
New data from the Australian Taxation Office (ATO) has revealed where Australia's highest-paid professionals live, with Perth taking the crown as home to the country's most affluent people after a surge in income over the 2019-20 tax year.
New South Wales
New South Wales has the largest economy in Australia and contributes 30.8% of the national GDP.
Australia is now home to 2.2 million millionaires, according to a new study. Half of all Australians in 2021 had more than $400,000 in wealth. It means we have the highest median wealth of all the countries studied.
The Australian economy has been blessed with huge deposits of natural resources, made even better by recent price increases in many commodities. Australia is the world's largest producer of iron ore, bauxite, and opal. It is the second largest producer of gold, manganese, and lead.
New data has revealed where Australia's richest people live - and what they do for a crust. The Australian Taxation Office has released data compiled by tax returns from 2019-2020, filed by more than 14 million Australians. And it turns out Perth has the wealthiest neighbourhoods in the country.
Cold Coast
Gold Coast is one of the cheapest places to live in Australia (89th globally). It is known for its high-standard education and academia and its budget-friendly living. International students will find the Gold Coast the perfect combination of study and social life, with its magnificent beaches and nightlife.
The worst performing states are Tasmania, with incomes 26% below the national income and wealth average, as well as South Australia which is 19% below the average household income and 20% below the national net wealth.
Melbourne is considered by some to be the best city to live in Australia, and has even been ranked as the world's most livable city more than once. It's home to a thriving live music scene, late-night bars and laneways dotted with cafés and coffee shops.
Western Australia's economy is largely driven by extraction and processing of a diverse range of mineral and petroleum commodities. The structure of the economy is closely linked to the abundance of natural resources found in the State, providing a comparative advantage in resource extraction and processing.
Survey finds Canberra to be the happiest city in Australia.
“The friendliest city in Australia awards goes to Perth, thanks to its lively locals, engaging social scene and ease of access for first-time visitors.
1. Adelaide. Adelaide is often described as Australia's most underrated and beautiful city, and it is not hard to see why once you have visited this gorgeous place. It is a cultural hub, home to an excellent dining culture, several museums and art galleries, as well as gorgeous scenery wherever you look.
Oodnadatta, South Australia
The record for the highest official temperature ever recorded in Australia belongs to the remote outback town of Oodnadatta in South Australia.
Australia's top 10 cheapest suburbs 2022
Andamooka in South Australia takes the title of Australia's cheapest suburb, with a median house price of just $20,000. Western Australia and New South Wales both have three suburbs respectively in the top 10, while Queensland and South Australia have an equal two each.
The city of Brisbane might be a good option. The most prosperous cities in Australia include Melbourne, Sydney, Perth, Alice Springs, Adelaide, Brisbane, and Canberra. These are the cities which are generally chosen on any travel tour. Take this quiz and see why these places in Australia are the way to go!
The NSW town of Gurley (postcode 2398) had Australia's lowest average taxable income or loss of -$23,484. It was closely followed by the NSW postcodes 2386 (Burren Junction, Drildool, Nowley) with an average taxable income or loss of -$17,794, and the postcode 2405 (Boomi, Garah) with -$14,763.
reports India's total wealth is more than Australia, France, Canada and Italy while the US and China top the list of the wealthiest countries in the world, according to a report by New World Wealth.
Unlike most wealthy countries, Australia's economy lacks both diversification and sophistication. Australia's primary exports are in low complexity categories such as mining and agriculture.