The 10 richest postcodes in Australia have been revealed, with Sydney dominating the list.
Double Bay on Sydney Harbour, often nicknamed ‘Double Pay’, was once again crowned Australia’s richest postcode with an average taxable income of $354,308 in the 2021-22 financial year, or more than three times the average salary full-time of $98,218.
Sydney’s eastern suburbs took up five places in the list of the top 10 earning postcodes, with the city’s Lower North Shore and Northern Beaches taking up a further two positions.
Melbourne had two places in the top ten list, while Perth had an elite postcode, while Sydney took seven of the top 10 spots based on average wages minus tax deductions for working and renting a property.
Perth’s Cottesloe Beach, home of mining billionaire Andrew Forrest, came second on the list, with an average taxable income of $295,283.
Double Bay on Sydney Harbour, often nicknamed ‘Double Pay’, was once again Australia’s richest postcode with an average taxable income of $354,308 in the 2021-22 financial year, or more than three times the average salary full-time $98,218.
Melbourne made the list in fourth place, with Toorak in the city’s inner east with an average taxable income of $266,020, behind Darling Point and Point Piper in Sydney’s east of $269,777.
Bellevue Hill, also in Sydney’s east, came in fifth with an average taxable income of $245,728, putting it ahead of nearby Dover Heights and Vaucluse with $239,974.
Portsea, on the edge of Melbourne’s Mornington Peninsula, came in seventh with a taxable income of $221,867 and is the home of trucking magnate Lindsay Fox.
Palm Beach, at the northern end of Sydney’s northern beaches, came in eighth with a rateable income of $216,262, as the postcode best known for Barrenjoey Lighthouse and the Home and Away set.
Hunters Hill, on Sydney’s lower north shore, came ninth with a taxable income of $215,456 and Woollahra, in Sydney’s east, rounded out the top 10 with an average income of $215,123.
When it came to the most lucrative professions, surgeons were the highest paid with an average taxable income of $460,356, followed by anesthetists with $431,193, financial traders with $373,733, internal medicine specialists with $340,729, psychiatrists with $276,545, other medical professionals with $255,754, mining engineers with $214,365, judges with $204,934, CEOs with $197,720 and financial investment advisors with $185,834.
Just 12,197 Australian men and women earned more than $421,936 in 2021-22, making them the top 0.08 per cent of Australia’s 15,535,395 earners.
Perth’s Cottesloe Beach, home of mining billionaire Andrew Forrest, came second on the list, with an average taxable income of $295,283.
Melbourne made the list in fourth place, with Toorak in the city’s inner east with an average taxable income of $266,020, behind Darling Point and Point Piper in Sydney’s east of $269,777.