In addition to releasing data outlining the country's highest-earning postcodes, the Australian Taxation Office has published data revealing the highest-paying jobs in Australia for 2022.
As you'll have probably guessed, medical professionals and engineers absolutely dominate the list - with the former securing first, second, third, fifth, and sixth place; while the latter landed in eighth and ninth. Surprisingly, cyber security and risk management (actuarial roles) seem to have fallen out of the Top 10 since the last edition.
Here's a list of high-paying jobs you should probably consider for monetary reasons if nothing else, according to ATO FY19/20 average income statistics (with FY22/23 income tax rates applied for reference).
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The Highest-Paying Jobs In Australia For 2022 [ATO Rankings]
1. Surgeon
Average taxable income: $406,068
Average take-home income: $244,549
Number of individuals in Australia: 4,159
Surgeons have occupied the throne for several years now, raking in an average of $406,068 a year or approximately $4,703 per week after tax as Australia's highest-paid occupation. No mysteries here regarding why scalpel jockeys make the big bucks. Lives - and vanity - literally depend on 'em.
2. Anaesthetist
Average taxable income: $388,814
Average take-home income: $235,405
Number of individuals in Australia: 3,509
Given the relationship between their day-to-day duties and that of surgeons, anaesthetists follow closely in second place, earning an average of $388,814 a year or approximately $4,527 per week after tax.
3. Internal Medicine Specialists
Average taxable income: $310,848
Average take-home income: $194,083
Number of individuals in Australia: 9,906
Coming in third place are internal medicine specialists, who earn an average of $310,848 per year or approximately $3,732 per week after tax.
Now keep in mind there's a bit of diversity within this cohort, ranging from gigs as specialist physicians, cardiologists, endocrinologists, and neurologists, to paediatricians – meaning income will vary depending on the practitioner's further training/specialist training, i.e. average taxable income for a cardiologist: $464,243 vs average taxable income for an endocrinologist: $257,975.
4. Financial Dealer
Average taxable income: $279,790
Average take-home income: $177,622
Number of individuals in Australia: 4,754
Breaking away from the medical field, we arrive at the next highest-paying industry: financial services. Financial dealers (i.e brokers) earn an average of $279,790 or approximately $3,416 per week after tax.
5. Psychiatrist
Average taxable income: $252,691
Average take-home income: $163,260
Number of individuals in Australia: 3,030
Psychiatrists earn an average of $252,691 or approximately $3,140 per week after tax. Currently, the government anticipates a "significant shortage" of them by 2030. Perhaps this could be combated by upping the psychiatrist average salary across the board.
6. Other Medical Practitioners
Average taxable income: $232,903
Average take-home income: $152,772
Number of individuals in Australia: 28,696
From dermatologists to gynaecologists, pathologists to radiation oncologists, once again, we're dealing with a range here. The collective average salary for other medical practitioners is $232,903 or approximately $2,938 per week after tax.
7. Judicial Or Other Legal Professionals
Average taxable income: $189,538
Average take-home income: $129,789
Number of individuals in Australia: 3,940
Judicial and other legal professionals earn an average of $189,538 or approximately $2,496 per week after tax. Similar to internal medicine specialists and other medical practitioners, the actual take-home will depend on factors such as whether you complete practical legal training post-university education, but not local law society membership or law firm placement because - for some strange reason - the ATO has chosen to include clerks in this category while excluding barristers and solicitors.
8. Mining Engineer
Average taxable income: $188,083
Average take-home income: $129,017
Number of individuals in Australia: 9,120
Mining engineer average salary -- $188,083 or approximately $2,481 per week after tax. Different technical aspects of roles within this subset, like being a petroleum mining engineer, will bump that figure up ($196,156 in this specific example).
9. Engineering Managers
Average taxable income: $161,514
Average take-home income: $113,457
Number of individuals in Australia: 25,728
Engineering managers earn an average of $161,514 or approximately $2,182 per week after tax.
10. Financial Investment Adviser Or Manager
Average taxable income: $155,882
Average take-home income: $110,021
Number of individuals in Australia: 20,679
Finally, we have financial advisers and financial investment managers. On average, they earn a taxable income of $155,882 or approximately $2,116 per week after tax. Financial advisers pocket $119,606 annually, while financial investment managers rake in $331,812.
Further Insights Courtesy Of The ATO...
Average Australian Salary By Gender & Sector
Male
Average weekly earnings: $2,025.20 (Public) | $1,812.30 (Private)
Average salary: $105,310 (Public) | $94,240 (Private)
Female
Average weekly earnings: $1,799.30 (Public) | $1,504.80 (Private)
Average salary: $93,564 (Public) | $78,250 (Private)
Average Australian Salary By State & Territories
- New South Wales
Average weekly earnings: $1,848.10 (Male) | $1,627.20 (Female)
Average salary: $96,101 (Male) | $84,614 (Female) - Victoria
Average weekly earnings: $1,862.40 (Male) | $1,596.60 (Female)
Average salary: $96,845 (Male) | $83,023 (Female) - Queensland
Average weekly earnings: $1,780.20 (Male) | $1,498.50 (Female)
Average salary: $92,570 (Male) | $77,922 (Female) - South Australia
Average weekly earnings: $1,633.40 (Male) | $1,511.40 (Female)
Average salary: $84,937 (Male) | $78,592 (Female) - Western Australia
Average weekly earnings: $2,045.90 (Male) | $1,611.60 (Female)
Average salary: $106,387 (Male) | $83,803 (Female) - Tasmania
Average weekly earnings: $1,596.30 (Male) | $1,450.60 (Female)
Average salary: $83,008 (Male) | $75,431 (Female) - Northern Territory
Average weekly earnings: $1,795.00 (Male) | $1,579.40 (Female)
Average salary: $93,3405 (Male) | $82,129 (Female) - ACT
Average weekly earnings: $2,055.10 (Male) | $1,893.60 (Female)
Average salary: $106,865 (Male) | $98,467 (Female)
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The 5 Highest-Paying Australian Industries
Mining
Average weekly earnings: $2,724.90 (Male) | $2,306.30 (Female)
Average salary: $141,695 (Male) | $119,928 (Female)
Information Media & Telecommunications
Average weekly earnings: $2,310.20 (Male) | $1941.00 (Female)
Average salary: $120,130 (Male) | $100,932 (Female)
Financial & Insurance Services
Average weekly earnings: $2,333.30 (Male) | $1,852.80 (Female)
Average salary: $121,332 (Male) | $96,345 (Female)
Professional, Scientific, & Technical Services
Average weekly earnings: $2,226.90 (Male) | $1,713.50 (Female)
Average salary: $115,799 (Male) | $89,102 (Female)
Electricity, Gas, Water, & Waste Services
Average weekly earnings: $2,007.60 (Male) | $1,850.80 (Female)
Average salary: $104,395 (Male) | $96,242 (Female)
You can check out the full run of the numbers below.