Surprising average income revealed

The Aussie suburbs with the biggest average incomes have been revealed.

Ever wondered how your income compares to other Aussies? New data has revealed just that and the average might not be as high as you think.

The average Aussie had a personal income of $54,890, according to the latest data from the Australian Bureau of Statistics (ABS) for the 2020-21 financial year, up 4.9 per cent on the previous year. This includes both income from employment as well as other sources, including superannuation and investments.

While this isn’t the most timely data, ABS head of labour statistics Bjorn Davis said it was “incredibly comprehensive” and based on personal income tax data.

Employee income was the main source of income for most people (77.7 per cent), with a median amount of $56,547.

The second-biggest source of income was superannuation, which gave Aussies $25,983, on average, during the year.

The data looked at median incomes – the middle value of all incomes – which can provide a more accurate estimate compared to the mean value, which can be skewed higher by higher-income earners.

10 suburbs with the highest incomes

While this is the average personal income for Aussies, in some areas residents are earning more than double this amount, on average, including in big mining areas.

  1. Ashburton, WA – $105,655
  2. Roxby Downs, SA – $103,653
  3. Peppermint Grove, WA – $96,684
  4. Port Hedland, WA – $93,230
  5. Weipa, Qld – $91,494
  6. East Pilbara, WA – $89,562
  7. Woollahra, NSW – $84,255
  8. North Sydney, NSW – $82,706
  9. Mosman, NSW – $78,408
  10. Lane Cove, NSW – $78,323

On a state-by-state basis, the ACT recorded the highest median total income at $71,093, while Tasmania had the lowest at $50,130.

NSW residents had a median income of $55,854, while for Victorians it was $54,088 and Queenslanders it was $53,643.

article from: au.finance.yahoo.com