The Highest Paying Jobs In Australia, Revealed
We’d all love to earn more money to give us great disposable income, allowing us to buy the house we always dreamed of, a new car or even just some slick new clothes. But the reality is, that not all professions are capable of paying their employees huge sums of money.
A good indicator as to whether your take-home salary is “good enough” is to compare it with the average Australian salary of $1748.40 a week. If your salary is significantly less than this, then you may need to think about changing employer or even your career.
So, if you want to know which are the highest paying jobs in Australia that will give you the riches you seek, check out the list below. All data has been sourced from the Australian Taxation Office, which last reported its taxation statistics for the year 2018-19. Data may have changed slightly since then, but for now, this is the only official information from the ATO we have to go off.
It should come as no surprise that those working in the medical and health industry are going to earn top-dollar, followed by those working in the financial and law industries. The ATO also revealed at the same time, the highest-earning suburbs in Australia, which was topped by Double Bay in Sydney.
Top 10 Highest Paying jobs In Australia
Surgeon – $384,303
Surgeons took the top spot for the highest-earning jobs, making an average of $394,303 per year, which equates to $4,583 per week after tax.
Average taxable income: $394,303
Average take-home income: $238,314
Number of people in this profession: 4,150
Anaesthetist – $386,065
Following closely behind surgeons as the highest earners in Australia are anaesthetists, with an average taxable income of $386,065. This would make the average take-home pay after tax to be $4,499.
Average taxable income: $386,065
Average take-home income: $233,948
Number of people in this profession: 3,412
Internal Medicine Specialist – $304,752
Internal medicine specialist is an umbrella term that includes a range of medical professions, including cardiologists, endocrinologists and paediatricians, as an example. The average taxable income in this case takes the range of salaries paid out to the different professions, so some professions that fall under this umbrella may earn more than others.
Average taxable income: $304,752
Average take-home income: $190,852
Number of people in this profession: 9,559
Financial Dealer – $235,558
The highest-earning profession that isn’t medical-based is a financial dealer. Again, this is an umbrella term that includes the likes of stockbrokers and other financial professionals that manage money for their clients.
Average taxable income: $275,984
Average take-home income: $175,605
Number of people in this profession: 4,720
Psychiatrist – $235,558
Psychiatrists devote themselves to diagnosing, treating and preventing mental disorders which, following the global pandemic, is more important than ever. We suspect the average income of psychiatrists would have increased slightly given the higher demand for them, especially considering there isn’t a huge number of fully-trained psychiatrists in Australia.
Average taxable income: $235,558
Average take-home income: $154,179
Number of people in this profession: 3,001
Other Medical Practitioners – $222,933
Other medical practitioners refer to a number of professions ending in ‘ologist’. Think dermatologist, gynaecologist and oncologist, for example. As with internal medicine specialists and financial dealers, this is an umbrella term and so the actual salary will vary depending on the specific profession.
Average taxable income: $222,933
Average take-home income: $147,488
Number of people in this profession: 28,404
Judicial or Other Legal Professionals – $188,798
The ATO has also grouped together professions such as judges and magistrates into a group, along with articled clerks, who earn significantly less per year than a judge, for example. Solicitors aren’t included in this group.
Average taxable income: $188,798
Average take-home income: $129,396
Number of people in this profession: 3,866
Mining Engineer – $184,507
Most people in Australia already know that the mining industry can represent a good chance to earn some serious money, so if you’re not afraid to get your hands dirty, it could be a career for you.
Average taxable income: $184,507
Average take-home income: $127,122
Number of people in this profession: 8,856
Chief Executive Officer or Managing Director – $164,896
While the actual salary of a CEO or MD will vary depending on the company they work for, they still stand to earn a good chunk of money each year. CEOs and MDs also represent the industry with the highest number of workers.
Average taxable income: $164,896
Average take-home income: $115,520
Number of people in this profession: 190,386
Engineering Manager – $159,940
Managing any kind of project should be rewarded with a good salary, but it’s engineering managers specifically who come out on top of the list of highest-paying jobs in Australia.
Average taxable income: $159,940
Average take-home income: $112,497
Number of people in this profession: 25,578
Highest-Earning Suburbs In Australia
Along with the highest-paying jobs in Australia, the ATO also released statistics relating to which suburbs and postcodes in Australia have the highest average income. New South Wales takes out the majority of the list, with a few entries from Victoria and Western Australia. Queensland, it seems, is nowhere to be seen.
- Double Bay, New South Wales, 2028 – $202,598
- Hawsburn & Toorak, Victoria, 3142 – $201,926
- Darling Point, Edgecliff & Point Piper, New South Wales, 2027 – $199,813
- Dover Heights, Rose Bay North, Vaucluse & Watsons Bay, 2030 – $197,386
- Woollahra, New South Wales – $183,418
- Cottesloe & Peppermint Grove, Western Australia, 6011 – $179,376
- Portsea, Victoria, 3944 – $175,356
- Bellevue Hill, New South Wales, 2023 – $173,278
- Mosman & Spit Junction, New South Wales, 2088 – $171,135
- Northbridge, New South Wales, 2063 – $168,891
Read Next
- Sydney’s Top 10 Suburbs Are All Coastal, Except One
- Australians Divulge The Best Financial Decisions They Ever Made
The post The Highest Paying Jobs In Australia, Revealed appeared first on DMARGE.
