Australia’s wealthiest individuals overwhelmingly prefer inner-city living, new data from the Australian Taxation Office (ATO) has revealed.
Perhaps unsurprisingly, Sydney’s eastern harbour suburbs of Darling Point, Edgecliff and Point Piper recorded the highest average income in the 2013-14 financial year.
Meanwhile, surgeons, psychiatrists and mining engineers were among the nation’s highest-paid professionals, the ATO reported in April.
The figures were calculated from 2013-14 income tax returns for individuals, companies, superannuation funds, partnerships and trusts.
But the data revealed not all of the nation’s wealthiest preferred views of the city skyline.
New South Wales
On average, residents of Darling Point, Edgecliff and Point Piper, in the Sydney Harbour 2027 postcode, reported average taxable incomes of more than $200,000 in 2013-14.
Fewer than 6100 people called the area home, and they likely paid a substantial amount for it.
Average unit prices ranged from $672,000 in Edgecliff to $1.8 million in Darling Point (just a fraction of the $5.9 million house price tag), while rent in Point Piper would set residents back an average $950 per week, according to figures from realestate.com.au.
Victoria’s affluent suburb of Toorak was home to the nation’s second-highest-paid citizens.
Mean taxable income jumped to $167,407 in 2013-14 for those dwelling on the edge of the Yarra River.
Mining was also the key driver for Queensland’s top-earning postcode.
Tieri, in central Queensland, is more than 900km from Brisbane and is a service centre for a local coal mine.
Average income of the area’s 576 recorded individuals was $101,284 in 2013-14.
Fewer than 1000 people live in the isolated community of Alyangula on Groote Eylandt, about an hour-and-a-half flight from Darwin.
The island is the largest in the Gulf of Carpentaria, but there is one other thing that sets it apart – mining.
Alyangula services one of Australia’s oldest major resource projects, a high-grade manganese mine.
Between 2003-04 and 2013-14, mean taxable income grew from $52,234 to $86,222. Darwin’s suburb of Berrimah was ranked as the NT’s second most-profitable postcode, at an average of $81,971.
Earners weren’t the only notable aspect on Groote Elyandt. It was also the birthplace of David Warren, inventor of the aeroplane black box.
South Australia’s richest residents most commonly lived in Adelaide’s River Torrens postcode 5081, which took in Walkerville, Medindie Gardens, Vale Park, Collinswood, Medindie and Gilberton.
In 2013-14, individuals were most likely to earn about $93,000, an average increase of about 82 per cent.
Australian Capital Territory
According to the ATO, the ACT’s wealthiest were found in inner Canberra, southeast of the Australian Parliament.
Forrest, Red Hill, Griffith and Manuka – with a postcode of 2603 – were the state’s top earners.
Mean taxable income rose from under $63,000 in 2003-04 to $116,150 a decade later, growing an average 85 per cent.
The area was an attractive base for public workers, with a huge proportion – about 15 per cent in Forrest alone, according to the 2011 Census, more than 11 times the Australian average – in government administration.
Dynnyrne and Sandy Bay, in Hobart, topped the list in the Apple Isle, with their residents earning an average income of $67,153 in 2013-14.
Earners in Western Australia’s top income bracket were most likely to come from Cottlesloe or Peppermint Grove, two Perth suburbs squeezed between the Swan River and the ocean.
Average income skyrocketed a massive 117 per cent in the past decade, from about $70,500 to $152,792 in 2013-14.
Peppermint Grove’s council is the smallest in Australia and its earners are used to paying top dollar.
Median rent came in at about $1000 a week, while median house prices were nearly $3.2 million – more than six times the state average.