The great divide: Australia’s richest and poorest suburbs revealed

New data released by the Australian Taxation Office has revealed the country's richest and poorest suburbs. Source: Getty

Those living in Sydney’s northern beaches are reportedly ranking in the big bucks with new data released by the Australian Taxation Office (ATO) revealing the country’s richest and poorest suburbs.

The report, which was released Friday morning, provides an overview of the 16.5 million 2017 income tax returns for 13.9 million individuals, 970,000 companies, as well as super funds, partnerships and trusts.

It may come as no surprise to some that the New South Wales postcode of 2108 is home to the most well off people in the nation, recording a whopping $230,330 average taxable income. This area covers the beautiful suburbs of Coasters Retreat, Currawong Beach, Great Mackerel Beach and Palm Beach on Sydney’s north shore.

The beachside area was followed by Melbourne’s 3142 postcode, which stretches through the inner-city suburbs of Toorak and Hawksburn, with an average taxable income of $193,904.

It appears the richest of Aussies flock to New South Wales with the next three areas of highest income earners recorded in the eastern state. Postcode 2027, covering Darling Point, Edgecliff and Point Piper in the state’s capital comes in at third position with an average taxable income of $187,769. While the postcode 2030, which stretches across Dover Heights, Rose Bay North, Vaucluse and Watsons Bay, sits in fourth place with most residents earning an average of $178,282.

Rounding off the top five is Northbridge, postcode 2063, which recorded an average taxable income of $169,365.

As for the lowest earners in Australia, those are spread more evenly across the country. New South Wales that once again takes out the top spot with the postcode of 2308 covering the Newcastle University and Callaghan areas, recording a mere $20,589 average taxable income per year.

Next on the list was Queensland towns Mondure, Marshlands, postcode 4611, with residents earning just $23,225 per year, followed by Victoria’s Watchem, Watchem West, Morton Plains, Warmur, Massey area, postcode 3482, with $24, 346 taxable income per year.

Third and fourth positions went to postcode 2052, University of New South Wales area, and postcode 3889 in Victoria’s Errinundra, Manorina, Combeinbar, Bemm River, Cabbage Creek area, recording $24,855 and $24,863 respectively.

The survey also recorded the occupations of residents, with the top 10 highest earning Aussies’ jobs revealed. Not surprisingly, those working in the medical profession were blessed with the highest wages for the period. Surgeons placed in the top spot with a national taxable average income of $394,866, followed by anaesthetists who earn themselves roughly $367,343 a year. Internal medicine specialists, financial dealers and psychiatrists rounded off the top five, earning $299,378, $266,008 and $216,075 respectively.

Meanwhile, the country continues to be charitable nation. In total, Aussies reported donating $3.5 billion with an average gift size, for those who did donate, of $770. The most generous state was Western Australia, with 30 per cent of residents claiming an average deduction of $1,190 for donations. Northern Territory residents recorded the lowest charitable donations, with 34 per cent of residents claiming an average deduction of $405 for donations.

Are you surprised by the results? Did your suburb make the list?

Important information: The information provided on this website is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.

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