Published yesterday, the ATO’s 2014-15 Taxation Statistics report provided a range of insights, including what our wealthiest and poorest postcodes are, what occupation earns the most money, and which states are the most generous.
Top 10 richest postcodes in Australia
| Postcode | State/Territory | Suburbs | Average Taxable Income ($/year) |
|---|---|---|---|
| 2027 | NSW | Darling Point, Edgecliff, HMAS
Rushcutters, Point Piper |
$189,293 |
| 2030 | NSW | Dover Heights, HMAS Watson, Rose Bay North, Vaucluse, Watsons Bay | $185,684 |
| 3142 | VIC | Hawksburn, Toorak | $173,808 |
| 2023 | NSW | Bellevue Hill | $163,820 |
| 3944 | VIC | Portsea | $156,669 |
| 2088 | NSW | Mosman, Spit Junction | $155,143 |
| 2110 | NSW | Hunters Hill, Woolwich | $152,102 |
| 2063 | NSW | Northbridge | $151,574 |
| 6011 | WA | Cottesloe, Peppermint Grove | $144,273 |
| 2025 | NSW | Woollahra | $141,298 |
Source: ATO, 2017
Sydney’s eastern suburbs are still the home of the richest residents in Australia, according to the ATO’s data.
The richest postcode in the country, 2027, has an average taxable income of almost $190,000/year.
This includes suburbs such as Darling Point and Point Piper, which are well-known for their luxurious multi-million dollar homes and high-profile residents such as Prime Minister Malcom Turnbull.
John Symond’s Point Piper mega mansion is on the market and it's likely to smash records. @Ross_Greenwood #9Finance https://t.co/2IrrbeqoqO
— 9Finance (@9Finance) September 14, 2016
NSW accounted for 7 of the 10 wealthiest postcodes in the country, while Victoria was the next wealthiest with two.
Western Australia is the only outlier, with its Cottesloe and Peppermint Grove suburbs rounding out 9th spot in the list.
Top 10 poorest postcodes in Australia
| Postcode | State/Territory | Suburbs | Average Taxable Income ($/year) |
|---|---|---|---|
| 2387 | NSW | Bulyeroi, Rowena | $-8,832 |
| 4423 | QLD | Teelba, Glenmorgan | $16,862 |
| 4489 | QLD | Wyandra | $18,538 |
| 4467 | QLD | Mungallala, Tyrconnel, Redford | $19,954 |
| 2386 | NSW | Burren Junction, Nowley, Drildool | $20,666 |
| 2899 | NSW | Norfolk Island | $20,891 |
| 4732 | QLD | Tablederry, Muttaburra | $21,415 |
| 4424 | QLD | Glenaubyn, Drillham South, Drillham | $21,492 |
| 4462 | QLD | Amby | $23,378 |
| 4426 | QLD | Jackson, Jackson North, Jackson South | $23,388 |
Source: ATO, 2017
At the other end of the spectrum, NSW also lays claim to the poorest postcode in the country, with Bulyeroi and Rowena. This area has just 132 residents in total and has an average taxable income that is a loss of $8,832.
Queensland is also home to most of the poorest postcodes in the top 10. 7 of the 10 poorest postcodes are in the sunshine state, with the 128-population postcode of Teelba and Glenmorgan having an average taxable income of just $16,862.
Bear in mind that each of the entries in this list are very sparsely populated, as only one suburb has a population of over 200 people.
Top 10 wealthiest occupations in Australia
| Occupation | Number Of Individuals | Average Taxable Income ($/year) |
|---|---|---|
| Surgeons | 3,790 | $377,044 |
| Anaesthetists | 3,178 | $341,041 |
| Internal medicine specialists | 7,964 | $281,547 |
| Financial dealers | 4,862 | $235,444 |
| Psychiatrists | 2,768 | $204,236 |
| Other medical practitioners | 27,485 | $192,469 |
| Legal professionals | 2,857 | $191,201 |
| Mining engineers | 9,235 | $174,115 |
| Chief Executives, Managing Directors | 160,081 | $157,105 |
| Engineering managers | 26,337 | $148,216 |
Source: ATO
If you’re thinking of switching careers (and don’t mind spending another 10 years studying) then you might want to consider becoming a surgeon, as they are the most well-paid people in the country by quite a margin.
Surgeons made a whopping $377,000/year on average across the country, with anaesthetists not far behind on $341,000/year.
Miners, lawyers, chief executives, and medical specialists round out the top 10.
How states ranked for charitable giving
| State/Territory | # of people who claimed donation deductions | Gift and donation value ($) | Average gift and donation value per person |
|---|---|---|---|
| NSW | 1,464,399 | $1,225,193,921 | $295.60 |
| VIC | 1,253,312 | $942,851,514 | $285.93 |
| QLD | 834,848 | $382,415,722 | $145.83 |
| WA | 467,081 | $250,562,929 | $168.95 |
| SA | 296,422 | $139,377,920 | $151.53 |
| ACT | 106,307 | $72,943,140 | $269.35 |
| TAS | 88,275 | $42,309,639 | $172.52 |
| NT | 43,964 | $16,363,800 | $130.52 |
Source: ATO
With the highest average gift and donation value, NSW can be considered to be the most charitable state.
This is not surprising when 7 out of 10 of the wealthiest postcodes in Australia are located in NSW.
Over 1.4 million people in NSW claimed tax deductions for gifts and making donations.
All information is taken from the Australian Taxation Office’s Taxation Statistics 2014–15 Report.
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