Surgeons have once again ranked as Australia’s top-paid professionals, as the country’s wealthiest jobs and postcodes are revealed.
On Friday, the Australian Taxation Office (ATO) released its annual report, breaking down the country’s wealth trends for the 2022-23 financial year.
Australia’s 4,247 surgeons earned an average taxable income of $472,475 over the year, retaining the top spot for the 12th consecutive year since reporting began.
In line with last year, they took home roughly six times more than the average Australian who earned $74,240 over the same period.
Anaesthetists ranked in second place, earning $447,193.
In third position came financial dealers, the top non-medical role, whose 5,147-strong cohort earned an average of $355,233.
The order of the top-10 paying roles was unchanged compared with last year.
Average incomes increased for all 10 roles except for financial dealers, mining engineers and CEOs and managing directors, which all went backwards.
Surgeons once again ranked first as Australia’s best paid profession with an average taxable income of $472,475 for the 2022-23 financial year
Judicial and legal professionals ranked as the country’s eighth-best paid workers with an average income of $206,408
Medical professionals accounted for the next three most lucrative professions, namely: internal medicine specialists ($342,457), psychiatrists ($286,146) and other medical practitioners ($259,802).
Mining engineers placed seventh with an average income of $206,423 followed by judicial and legal professionals on $206,408.
CEOs and managing directors ranked ninth with $194,987 followed by financial investment advisors/managers who rounded out the top-10 at $191,986.
The report also broke down the country’s top 10 postcodes by average taxable incomes, with New South Wales dominating the list.
Seven of the top-10 earning postcodes were in NSW, with the top three all in Sydney’s eastern suburbs.
Australia’s top-earning postcode was 2027 which consists of Darling Point, Edgecliff, HMAS Rushcutters and Point Piper with an average income of $279,712.
For a comparison, if every taxpayer in those suburbs was employed as a psychiatrist, the average income would have been only $7,000 higher.
According to realestate.com.au, the median house price in Point Piper is more than $4million, whose Wolseley Road boasted a median house price of nearly $45million last year according to Ray White.
Pictured is a home on Australia’s most expensive road, Wolseley Road, with a median home price of nearly $45million
The neighbouring suburb of Double Bay placed second with an average income of $255,901, followed by Woollahra at $242,267.
Victoria’s 3142 postcode, representing Hawksburn and Toorak placed fourth with an average income of $241,511.
It was one of two mentions for the Garden State whose seaside Mornington Peninsula suburb of Portsea came in at seventh place with $222,254.
The rest went to NSW with the exception of 6011 in Western Australia representing Cottesloe and Peppermint Grove with an average income of $213,621 in ninth.
The remaining NSW postcodes were 2030 which ranked fourth at $263,750 (Dover Heights, HMAS Watson, Rose Bay North, Vaucluse and Watsons Bay), 2108 at $223,433 (Coasters Retreat, Currawong Beach, Great Mackerel Beach and Palm Beach) Bellevue Hills at $216,363 and 2110 at $208,902 (Hunters Hill and Woolwich).
The ATO’s total tax take in the 2022-23 financial year was $577.4billion, up from $530.1 billion the previous financial year.
Just over half the revenues came from individual incomes (about $298billion) while roughly a quarter came from companies (about $140billion).
GST contributed 14.2 per cent of the country’s tax revenues while excise accounted for 4.4 per cent.
Work-related expenses accounted for half the total deductions claimed by individuals while the average super account balance increased from $164,000 to $173,000.
