interested in working in Australia? we have got you covered in this blog post on the highest paying jobs in Australia. this post will educate you on all you need to know about the jobs available and their pay.
The pandemic has forced some of us to reconsider our work and relationship to work. We’ve witnessed this change, particularly in the “Great Resignation” which has seen millions of people take the decision to leave their job. A lot of people are facing additional pressures such as the cost of living and stagnant wage levels.
Although a large paycheck isn’t all you need to think about when making a decision on a career (hello the balance of work and life and doing something you love) but it’s important. In this regard, we’ve put together a list of the most lucrative occupations in Australia according to data taken from the Taxation Office of Australia’s most recent Taxation Statistics report.
It’s not surprising that jobs that are in medicine account for approximately half of the jobs (so your parents might be right when they suggested you pursue a degree in medical school). Other industries that pay well include law, finance engineering, and law. The most lucrative jobs in the top 10 earn an average of more than $155,000 per year before taxes as well as the Medicare tax is taken into consideration. This is calculated based on the mean instead of the median for every job. We’ve also looked at the average amount of take-home pay calculated based on the rate of income taxes for the 2022-2023 year.
Highest Paying Jobs In Australia
1. Surgeon – $406,068
Surgeons are the highest-paying profession, earning on average $406,068 per year, which is about $4,703 per week after tax. Apart from the high earnings According to some reports, the majority of surgeons enjoy good overall satisfaction in their jobs (they save lives after all!).
Taxable income on average: $406,068
Average take-home earnings: $244,549
The number of people employed in the field:4,159
2. Anaesthetist – $388,814
Anesthetists ranks second with an average salary of $388,814 per year which is roughly $4,527 per day after taxes. As per the ATO, it was only 3,509 patients employed in the period of reporting which makes it a tiny occupation.
Taxable income Average: $388,814
Average take-home earnings:$235,405
The number of people working in the field: 3,509
3. Internal medicine specialist 310,848 dollars
Internal medicine specialists rank as the highest-paid profession in the group. They earn $310,848 a year, or roughly $3,732 a day after tax. This group comprises a variety of professions, including specialist doctors, cardiologists neurologists, endocrinologists, and pediatricians. As such, there could be a significant distinction in income. For instance that the average tax-deductible income of cardiologists is $464,243 however, the average tax-deductible earnings for an endocrinologist would be $257,975.
The average tax-deductible income is $310,848
Average take-home earnings: $194,083
The number of people who are in the profession: 9,906
4. Financial dealer – $279,790
After the medical profession, The next highest paid sector is the financial services industry. Financial dealers, which include stockbrokers, as well as people who buy and trade securities for clients make an average of $279,790, equivalent to around $3,416 weekly after tax.
Taxable income Average: $279,790
Average Take-Home Income: $177,622
Total number of people who are employed in the field:4,754
5. Psychiatrist – $252,691
The next group of psychiatrists earns an average of $252,691 per year which is about $3,140 weekly after tax. There is a tiny amount of psychiatrists working in Australia as well as the federal government predicted that there would be a major shortage of psychiatrists by 2030.
The average tax-deductible income is$252,691
Average take-home earnings: $163,260
The number of people employed in the profession:3,030
6. Other medical professionals Other medical practitioners – $232,903
The “other medical professionals” category includes positions such as dermatologists, gynecologists, ophthalmologists pathologists as well as diagnostic or interventional radiologists as well as radiation oncologists. This is the most prestigious occupational group that is listed. The incomes of this group can vary significantly based on the work. In the end, however, it is the ATO states that “other medical practitioners are paid an average tax-free annual income of $232,903 approximately $2,938 per day after taxes.
The average tax-deductible income is $232,903
Average Take-Home Income: $152,772
Total number of people who are working in the field:28,696
7. Legal professionals, including judges – $189,538
The next is judicial and “other legal professionals, who earn $189,538 annually on average, or around $2,496 a week after tax. This category includes magistrates and judges, but not solicitors or barristers. It is interesting to note that this group of the ATO is also a group that includes clerks with articles within this category, meaning that the income of these workers is towards the lower end. In comparison, the typical judge earns taxable earnings of $423,945, whereas the average articled clerk earns an income taxable of $71,774.
The average tax-deductible income is $189,538
Average Take-Home Income:$129,789
Total number of people working who are in the profession: 3,940
8. Mining engineer – $188,083
Another highly-paying industry is engineering. Mining engineers earn $188,083 a year, which is approximately $2,481 per day after tax. Within this group, Petroleum mining engineers earn the highest average tax-deductible earnings of $196,156.
The average tax-deductible income is$188,083
Average Take-Home Income: $129,017
The number of people employed in the field: 9,120
9. Engineering manager – $161,514
The next step is engineering managers who are responsible for coordinating and overseeing engineering projects. Engineering managers earn a tax-deductible income of $161,514 annually which is about $2182 weekly after tax.
Taxable income average:$161,514
Average Take-Home Income: $113,457
Total number of people who are employed in the profession:25,728
10. Financial investment advisor or manager 155,882
Topping the list include financial advisers as well as financial investment managers. On average, they earn tax-deductible earnings of $155,882 per calendar year which is about $2,116 per week after taxes. Financial advisors earn lower salaries averagely at $119,606 per year and financial investment managers make an average of $331,812.
Tax-free income of$155,882
Average take-home earnings: $110,021
Total number of people who are working in the field:20,679