Australia’s richest zip code is not in Sydney or Melbourne, but in Perth, where a salary of $200,000 is said to be well below average, new data from the tax office shows.
Half of the highest paying jobs by taxable income also require a degree in medicine plus postgraduate study, with surgeons having the highest average taxable salary of $406,068.
But when it came to zip codes, Sydney’s eastern harborside suburbs were beaten on the elite salary list by mining-rich Western Australia.
Peppermint Grove and Cottesloe in Perth, which stretches from the Swan River to the beach, was No. 1 in 2019-20, with an average individual taxable income of $325,343, the Australian tax office has revealed.
Australia’s richest zip code is not in Sydney or Melbourne, but in Perth, new data from the tax office shows. Stretching from the Swan River to the beach, Peppermint Grove and Cottesloe (pictured) was No. 1 in 2019-20 with an average individual taxable income of $325,343, the Australian tax office has revealed
Home to mining billionaire Andrew Forrest, the 6011 postcode was well ahead of Point Piper in eastern Sydney, where Australia’s wealthiest individuals took advantage of China’s insatiable demand for iron ore, which was needed to make steel. The area is adjacent to Dalkeith, home to fellow billionaires Gina Rinehart and Kerry Stokes.
Australia’s richest zip codes by average taxable income
1. COTTESLOE, PEPPERMINT GROVE (6011): $325,343
2. POINT PIPER, DARLING POINT, EDGECLIFF (2027): $205,957
3. BELLEVUE HILL (2023): $195,204
4. DOVER HEIGHTS, ROSE BAY, VAUCLUSE, WATSON’S BAY (2030): $186,025
5. TOORAK, HAWKSBURN (3142): $184,939
6. MOSMAN, SPIT SEAL (2088): $177,645
7. HUNTER HILL, WOOLWICH (2110): $175,907
8. WOOLLAHRA (2025): $172,600
9. NORTH BRIDGE (2063): $170,619
10. DOUBLE BAY (2028): $170,051
The Sydney Harbor 2027 zip code, which covers Darling Point and Edgecliff, came in second with a median taxable income of $205,957.
This area of waterfront mansions is home to former Liberal Prime Minister Malcolm Turnbull and retired Aussie Home Loans founder John Symond.
Sydney had eight places in the top 10, five of which were in the eastern suburbs and three on the north coast or north side of Sydney Harbour.
Melbourne was in the top 10 with Toorak in the inner-east of the city in fifth place.
None of Australia’s wealthiest postcodes now has a federal Liberal MP, with TEAL members Kate Chaney, Allegra Spender and Kylea Tink representing Curtin in Perth, Wentworth in Sydney and Northern Sydney respectively, while Labor for the first time ever Melbourne-based seat of Higgins, with new MP Dr. Michelle Ananda-Rajah.
Five zip codes on the list have median, taxable incomes that are more than double the median full-time salary of $90,917 in Australia.
Bellevue Hill, in eastern Sydney, has a median taxable income of $195,204, followed by nearby Vaucluse and Dover Heights, the cliff-top home of missing conwoman Melissa Caddick, at $186,025.
Toorak in Melbourne was fifth with an average taxable income of $184,939.
Sydney’s lower north coast came in sixth on the list, with Mosman and Spit Junction having a median taxable income of $177,645.
Home to mining billionaire Andrew Forrest, the 6011 zip code was well ahead of Point Piper in eastern Sydney. It is next to Dalkeith, the home of fellow billionaires Gina Rinehart (pictured) and Kerry Stokes
A little further west on the north side of the harbor, Hunters Hill and Woolwich came in seventh with a median taxable income of $175,907.
Highest Paying Jobs in Australia by Average Taxable Income
1. SURGEON: $406,068 (4,159 people)
2. ANESTHETIST: $388,814 (3,509 individuals)
3. INTERNAL MEDICINE SPECIALIST: $310,848 (9,906 individuals)
4. FINANCIAL DEALER: $279,790 (4,754 people)
5. PSYCHIATTER: $252,691 (3,030 people)
6. OTHER MEDICINES: $232,903 (28,696 persons)
7. JUDICIAL OR LEGAL PROFESSIONALS: $189,538 (3,940 individuals)
8. MINING ENGINEER: $188,083 (9,120 people)
9. ENGINEERING MANAGER: $161,514 (25,728 individuals)
10. FINANCIAL INVESTMENT ADVISER OR MANAGER: $155,882 (20,679 people)
Woollahra, near Paddington in eastern Sydney, was eighth with a taxable income of $172,600.
Northbridge on Sydney’s lower north coast, where former Labor Prime Minister Bob Hawke lived until his death in 2019, came ninth with taxable income of $170,619.
Double Bay in Sydney’s Eastern Suburbs rounded out the list with an average salary of $170,051.
When it comes to broadly defined careers with the highest average salaries, half of those in the top 10 require a degree in medicine.
The tax list was based on occupations involving at least several thousand people, which explained why MPs, with a base salary of $211,250 in 2019-20, were not in this top ten.
Surgeons topped the list with $406,068, while 4,159 reported this occupation on their tax returns.
Anesthesiologists were next at $388,814 with 3,509 individuals administering strong painkillers before surgeries listed this occupation.
Internal medicine specialists were third at $310,848 with 9,906 people doing this work.
Financial dealers, who buy and sell stocks on behalf of customers, ranked fourth at 279,790 with 4,754 individuals citing this profession.
Psychiatrists, who must have a Bachelor of Medicine and be able to administer drugs, were in fifth place with an average salary of $252,691 and 3,030 in Australia.
The other physician category was sixth with an average salary of $232,903 for 28,696 people.
The 2027 Sydney Harbor zip code, covering Point Piper (pictured) Darling Point and Edgecliff, came in second with a median taxable income of $205,957
Judges and attorneys were seventh on the list, with a median taxable income of $189,538 in a profession involving 3,940 practitioners.
The commodities sector came in eighth on the list, with mining engineers earning an average salary of $188,083 with 9,120 citing this profession.
They made more than $161,514 engineering executives with 25,728 people involved in the structural integrity of buildings, bridges or machinery.
Financial investment advisors and managers rounded out the top ten with a median taxable income of $155,882, with 20,679 people doing this job.