Australia’s top 10 richest postcodes have been revealed with seven Sydney suburbs dominating the list.
Double Bay on Sydney Harbour – often nicknamed ‘Double Pay’ – was again crowned Australia’s richest postcode with an average taxable income of $354,308 in the 2021-22 financial year – almost five times the average of $72,327.
Perth‘s Cottesloe, the home of mining billionaire Andrew ‘Twiggy‘ Forrest, was second on the list, with an average of $295,283.
That was followed by harbourside Point Piper, where former prime minister Malcolm Turnbull and his wife Lucy boast a waterfront mansion home, coming in third with an average income of $269,777.
Double Bay on Sydney Harbour – often nicknamed ‘Double Pay’ – was again Australia’s richest postcode with an average taxable income of $354,308 in the 2021-22 financial year – or more than three times the average, full-time salary of $98,218
Sydney’s eastern suburbs counted five places on the top 10 list of highest-earning postcodes, with the city’s lower north shore and northern beaches having another two positions.
Melbourne suburbs had two spots on the top ten list, with the Victorian capital entering the list at fourth place, with Toorak in the city’s inner east having an average, taxable income of $266,020.
Bellevue Hill, also in Sydney’s east, was fifth with an average, taxable income of $245,728, putting it ahead of nearby Dover Heights and Vaucluse on $239,974.
Portsea, on the edge of Melbourne’s Mornington Peninsula, was seventh with a taxable income of $221,867. It is home to trucking magnate Lindsay Fox.
Palm Beach, on the northern edge of Sydney’s northern beaches, was eighth with a taxable income of $216,262, as the postcode best known for the Barrenjoey Lighthouse and the set of Home and Away.
Hunters Hill, on Sydney’s lower north shore, was ninth with a taxable income of $215,456 with Woollahra, in Sydney’s east, rounding out the top 10 with an average income of $215,123.
When it came to the most lucrative professions, surgeons were the best paid with an average, taxable income of $460,356.
That was followed by anaethetists on $431,193, financial dealers on $373,733, internal medicine specialists on $340,729, psychiatrists on $276,545, other medical practitioners on $255,754, mining engineers on $214,365, judges on $204,934, chief executives on $197,720, and financial investment advisers on $185,834.
Just 117,930 Australians earned $421,936 or more – putting them among the top 0.8 per cent of the nation’s 15,935,395 taxpayers.
The richest are most likely to be a man from New South Wales, with 34,528 fitting that description.
Australia’s average wage was $69,994 in 2021-22 which included a period when Sydney and Melbourne were in Covid lockdown.
The average, taxable income was $72,327 when work-related deductions and investment property expenses were deducted from overall pay.
On the retirement front, Australians had an average superannuation balance of $164,126.
Perth ‘s Cottesloe Beach, the home of mining billionaire Andrew Forrest, was second on the list, with an average, taxable income of $295,283
Melbourne entered the list in fourth place with Toorak in the city’s inner east having an average, taxable income of $266,020, behind Darling Point and Point Piper’s $269,777 in Sydney’s east