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 2019-20. Data may have changed slightly since then, but for now, this is the only official information from the ATO we have to go off.
Average take-home income has been calculated using the tax rate applicable to the 2019-20 financial year.
9 of the top 10 highest paying jobs in Australia are the same as they were in the 2018-19 financial year, with the only change being managing directors being replaced by financial investment advisors. Average pay for the 9 jobs that stayed increased for all, with psychiatrists getting one of the biggest average pay rises, of around $10,000. The number of people in each profession also increased across the board.
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 – $406,068
Surgeons took the top spot for the highest-earning jobs, making an average of $406,068 per year, which equates to $4,812 per week after tax. While this is already a huge sum of money, the top neurosurgeons in the country can earn anywhere up to $600,000 per year.
Average taxable income: $406,068
Average take-home income: $250,240
Number of people in this profession: 4,159
Anaesthetist – $388,814
Following closely behind surgeons as the highest earners in Australia are anaesthetists, with an average taxable income of $388,814. This would make the average weekly take-home pay after tax to be $4,630
Average taxable income: $388,814
Average take-home income: $240,750
Number of people in this profession: 3,509
Internal Medicine Specialist – $310,848
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: $310,848
Average take-home income: $197,869
Number of people in this profession: 9,906
Financial Dealer – $279,790
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: $279,790
Average take-home income: $180,788
Number of people in this profession: 4,754
Psychiatrist – $252,691
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: $252,691
Average take-home income: $165,883
Number of people in this profession: 3,030
Other Medical Practitioners – $232,903
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: $232,903
Average take-home income: $155,000
Number of people in this profession: 28,696
Judicial or Other Legal Professionals – $189,538
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: $189,538
Average take-home income: $131,149
Number of people in this profession: 3,940
Mining Engineer – $188,083
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: $188,083
Average take-home income: $130,025
Number of people in this profession: 9,120
Engineering Manager – $161,514
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: $161,514
Average take-home income: $114,257
Number of people in this profession: 25,728
Financial Investment Advisor or Manager – $155,882
Financial investment advisor or manager is a new category for the 2019-20 financial year, seemingly booting Managing Directors and CEOs out of the top 10. It’s not entirely clear what the difference between a financial investment advisor and a financial dealer (further up) is, but either way, there’s heaps of money involved.
Average taxable income: $155,882
Average take-home income: $110,709
Number of people in this profession: 20,679
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 topped the list for 2018-19 with an average income of just over $200,000. But for the 2019-20 financial year, the affluent suburb dropped to position 10 with an average income of $179,051.
|Rank||Postcode||State/Territory||Suburb||Average Taxable Income|
|1||6011||WA||Cottesloe, Peppermint Grove||$325,343|
|2||2027||NSW||Darling Point, Edgecliff, Rushcutters Bay, Point Piper||$205,957|
|4||2030||NSW||Dover Heights, Rose Bay North, Vaucluse & Watsons Bay||$186,025|
|6||2088||NSW||Mosman, Spit Junction||$177,645|
|7||2110||NSW||Hunters Hill, Woolwich||$175,907|