The Australian Taxation Office (ATO) has disclosed the latest figures on the nation’s wealthiest and least affluent postcodes, with Sydney’s harbourside suburb of Double Bay once again securing its place as Australia’s richest locality.
The suburb, affectionately nicknamed ‘Double Pay,’ saw its residents earn an average of $354,308 during the 2021-22 income year, a figure significantly surpassing the national average income of $72,327.
Double Bay’s substantial average income underscores its elite status, with the area’s earnings more than four times higher than the national average. This prestigious neighbourhood has consistently topped the wealth rankings, maintaining its allure and affluence over the years.
Following Double Bay, Perth’s affluent locales of Cottesloe and Peppermint Grove, which share the postcode 6011, ranked second on the list. The residents of these areas reported an average income of $295,283. These suburbs are notable for being home to some of Australia’s most influential figures, including billionaire mining magnate Andrew ‘Twiggy’ Forrest, former CEO of Fortescue Metals Group.
Sydney continues to dominate the upper echelons of the income ladder, with Darling Point, Edgecliff, and Point Piper (postcode 2027) securing the third spot. The average income in these harbourside suburbs reached $269,777. Among its notable residents is former Prime Minister Malcolm Turnbull, who resides in a waterfront mansion in Point Piper with his wife, Lucy.
In addition to highlighting the wealthiest postcodes, the ATO report also sheds light on the highest-earning professions. Surgeons led the pack with an impressive average income of $460,356. Anaesthetists came in second, earning an average of $431,193. Financial dealers were the only non-medical professionals to feature in the top six, with an average income of $373,733.
While these affluent figures reflect the earnings of top-tier professionals, the average taxable income for Australians in the 2021–22 period stood at $72,327. However, the median income, which provides a more accurate representation by excluding extremely high and low incomes, was recorded at $53,041.
The disparity between the highest and median incomes highlights the economic divide within the country, underscoring the concentration of wealth in specific areas and professions. As Sydney and Perth’s elite suburbs continue to thrive, these figures paint a vivid picture of Australia’s economic landscape.
Published Date 24-June-2024
