Finance Finance News ATO reveals Australia’s richest and poorest postcodes

ATO reveals Australia’s richest and poorest postcodes

Sydney's eastern suburbs are still the wealthiest in Australia. Photo: Getty
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Sydney’s eastern suburbs have retained their title as the home of Australia’s richest residents.

That’s the word from the Australian Taxation Office, which names postcode 2027 as the single largest concentration of blue-chip earners in the nation, with an average individual income of $189,293, based on newly released tax return statistics from 2014-15.

That shouldn’t come as a surprise. The plush pocket of harbourside high-earners includes Point Piper, where Prime Minister Malcolm Turnbull makes his home in a waterfront mansion estimated by to be worth as much as $50 million.

That makes him wealthy even by the solid-gold standards of neighbouring Darling Point, Edgecliff and Rushcutters Bay, all in the same 2027 postcode.

NSW accounted for seven of the top 10 rated postcodes, while Victoria occupies two rungs at the top of the wealth ladder, according to the data released on Wednesday for the 2014-15 year.

That’s the upside. The other side of the coin is that the state also has the poorest postcodes, with the 132 residents of Bulyeroi, in the north-central part of the state, scraping by on an average taxable loss – yes, loss – of $8832.

That makes Bulyeroi the most down-at-heel town in the entire country.

Overall pauper honours, however, go to Queensland, where seven of the poorest postcodes are to be found. The other three entries at the bottom of the income ladder are all in NSW.

The Melbourne suburb of Toorak is the third-richest, with the Victorian seaside town of Portsea, grandly positioned at the entrance to Port Phillip Bay, ranking fifth in the wealth stakes.

The only other state to figure in the top 10 was Western Australia, where Cottesloe/Peppermint Grove secured the ninth spot, just ahead of Sydney’s Woollahra on $144,273.

The most common professions reported among the top 10 postcodes included medical specialists and practitioners, financial dealers, psychiatrists, judicial and other legal professionals, mining engineers, chief managing directors, and engineering managers.

Surgeons were the highest earners, with an average taxable income of $377,044, followed by anaesthetists at $341,041.

Australia’s wealthiest postcodes, by suburb

  1. 2027 (NSW): Darling Point, Edgecliff, Hmas Rushcutters, Point Piper
  2. 2030 (NSW): Dover Heights, Hmas Watson, Rose Bay North, Vaucluse, Watsons Bay
  3. 3142 (VIC): Hawksburn, Toorak
  4. 2023 (NSW): Bellevue Hill
  5. 3944 (VIC): Portsea
  6. 2088 (NSW): Mosman, Spit Junction
  7. 2110 (NSW): Hunters Hill, Woolwich
  8. 2063 (NSW): Northbridge
  9. 6011 (WA): Cottesloe, Peppermint Grove
  10. 2025 (NSW): Woollahra

Australia’s poorest postcodes, by suburb

  1. 2387 (NSW): Bulyeroi, Rowena
  2. 4423 (QLD): Teelba, Glenmorgan
  3. 4489 (QLD): Wyandra
  4. 4467 (QLD): Mungallala, Tyrconnel, Redford
  5. 2386 (NSW): Burren Junction, Nowley, Drildool
  6. 2899 (NSW): Norfolk Island
  7. 4732 (QLD): Tablederry, Muttaburra
  8. 4424 (QLD): Glenaubyn, Drillham South, Drillham
  9. 4462 (QLD): Amby
  10. 4426 (QLD): Jackson, Jackson North, Jackson South

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