Every year, the Australian Taxation Office (ATO) releases taxation statistics from around the country revealing which suburbs have the highest taxable income.
Last year, we saw Sydney’s affluent eastern suburbs take out the top spot, but this year a suburb on the western coast of the country has taken over.
The postcode of 6011, which includes Cottesloe and Peppermint Grove, took out the number one spot this year, with an average taxable income of $325,343 per year.
The taxation data is backwards looking, so the taxable income statistics are from the 2019/20 financial year.
While those in the 6011 postcode had the highest average taxable income, those in Mosman and Spit Junction had the highest number of rich listers.
The average taxable income in the 2088 postcode was $177,645 a year, with a massive 20,158 Aussies taking residence there.
In comparison, there were only 6,581 people in the 6011 postcode.
Here are the top 10 richest suburbs in Australia.
Cost of living
The new data comes as many Aussies are struggling with the rising cost of living against a backdrop of stagnant wage growth.
And new research has analysed exactly how much of our pay now needs to go towards our living expenses.
Finder analysed the cost of family necessities against the average income to determine how many hours’ worth of work everyday expenses cost.
For the average employee earning a $69,400 salary – or $33.68 per hour in post-tax income – simply paying for petrol, groceries and their mortgage cost 28 hours of work each week.
That’s equivalent to 75 per cent of the typical 38-hour work week.
The average home loan costs $647 a week in repayments, equivalent to 19.2 hours’ worth of work.
The typical grocery bill costs 5 hours of work, while a single tank of petrol will set workers back 3.9 hours of their work week.