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Just in time for tax season, the Australian Taxation Office (ATO) has released its latest data on Australia's top-paying occupations – and there’s one job that brings home an eye-watering average salary of $520,000 per year. While most Aussies are feeling the pinch of the cost-of-living crisis, this rarified group of professionals are earning several times the national average income. Sigh.
This ATO data revealing Australia's ten highest-paid jobs is based on tax returns lodged for the 2023-24 financial year. The figures show the average taxable income for Aussies climbed to $78,127 in the financial year ending June 2024, up from $74,240 the previous year. Keep in mind this is different to the median taxable income – often considered a more accurate reflection of what a typical worker earns – which rose from $55,868 to $58,739.
So, which professions are making the big bucks? If you're thinking medicine, finance, law and mining, you're spot on.
Surgeons once again claimed the crown as Australia's highest-paid workers, earning an average taxable income of $519,998 per year. That's an increase of $47,523 compared to the previous year, when surgeons were paid an average of $472,475. To put that into perspective, surgeons now earn more than six times the average Aussie.
In news that will surprise nobody, medical professionals continue to dominate the rankings, occupying five of the top ten spots. Anaesthetists retained second place with average earnings of $475,455, while internal medicine specialists climbed from fourth to third position after their average income rose to $362,120.
Interestingly, the top ten occupations themselves haven't changed from last year, but there has been some movement within the rankings. Outside the medical sphere, financial dealers remained the highest paid profession, obtaining an average of $347,375 annually.
Judicial and other legal professionals climbed one spot to seventh, with an average salary of $217,127. CEOs and managing directors (Australia has a whopping 237,000 of them) also climbed one position to round out the top ten, earning an average taxable income of $200,418. You can check out the full rankings below.
The 10 highest-paying jobs in Australia
- Surgeon: $519,998 (up $47,523)
- Anaesthetist: $475,455 (up $28,262)
- Internal medicine specialist: $362,120 (up $19,663)
- Financial dealer: $347,375 (down $7,858)
- Psychiatrist: $305,282 (up $19,136)
- Other medical practitioner: $277,728 (up $17,926)
- Judicial or other legal professional: $217,127 (up $10,719)
- Mining engineer: $216,080 (up $9,657)
- Financial investment adviser or manager: $202,840 (up $10,854)
- Chief executive officer or managing director: $200,418 (up $5,431)