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Analysis of Australia’s Highest-Paid Professions for 2022-23
The Australian Taxation Office (ATO) has disclosed a comprehensive list of the highest-earning professions for the 2022-23 financial year, revealing that the top earner can average over $470,000 annually. This report is derived from tax return data of millions of Australians and showcases substantial income levels in specific fields.
Key Findings
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Surgeons Lead the Pack: The medical profession continues to dominate, with surgeons earning an average salary of $472,475. This figure underscores the significant difference between high-earners and the general population, as surgeons earn over six times the average taxable income of $74,240.
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Anaesthetists Follow Closely: In the second position, anaesthetists earn an average of $447,193 per year, with only 3,658 practitioners in Australia, indicating the rarity and demand for such roles.
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Top Non-Medical Salaries: Among non-medical professions, financial dealers emerged as the highest earners, averaging $355,233 annually from a cohort of 5,147 individuals involved in this occupation. Financial dealers manage transactions in financial markets, including stockbrokers.
- Diverse CEO Earnings: The role of chief executive officers (CEOs) and managing directors had the highest number of professionals at 231,103, earning an average of $194,987 per year.
2022-23 Highest-Paid Jobs
The following is a summary of the top ten highest-paid occupations in Australia, alongside their average incomes and changes compared to the previous year:
- Surgeon: $472,475 (up $12,119)
- Anaesthetist: $447,193 (up $16,000)
- Financial Dealer: $355,233 (down $18,500)
- Internal Medicine Specialist: $342,457 (up $1,728)
- Psychiatrist: $286,146 (up $9,601)
- Other Medical Practitioners: $259,802 (up $4,048)
- Mining Engineer: $206,423 (down $7,942)
- Judicial or Legal Professional: $206,408 (up $1,474)
- CEO or Managing Director: $194,987 (down $2,733)
- Financial Investment Advisor/Manager: $191,986 (up $6,152)
Overall Income Trends
According to the latest ATO statistics, the average income across Australia is now $74,240, an increase from $72,327 in the previous year. The median income, representing the midpoint, stands at $55,868, up from $53,041.
The ATO data highlights that 44.9% of Australians fall within the $45,001 to $120,000 income bracket, while only 5.3% are in the $180,001 and above category, contributing to 37% of the country’s net tax revenue.
Superannuation Insights
The ATO reported an increase in the average superannuation balance, now at $172,834, compared to $164,126 previously. The median superannuation balance has also risen to $60,037, up from $57,912.
Overall, the trend suggests a steady rise in incomes across numerous professions, despite some fluctuations. The data underscores the varying success among different fields, particularly in medicine and finance, which continue to produce the highest earners in the country.
For further detailed insights, the statistics can be examined through the ATO’s official release.
In conclusion, the landscape of high-paying jobs in Australia remains significantly concentrated in the medical field, with notable earnings also found in finance and executive roles. This data underscores the critical economic contributions made by these sectors while also highlighting evolving income trends that reflect the broader economic environment in Australia.
