With wages failing to keep up with inflation and cost of living pressures intensifying, many Australians are on the hunt for higher paid work. While record numbers are turning to side hustles, others are jumping ship to new organisations or even industries for more lucrative remuneration. Unlike the United States, the ‘Great Resignation’ did not eventuate in Australia, however one in three workers aged between 25 and 55 are currently considering quitting their jobs. This is not necessarily due to the desire for higher pay—it could also include burnout, lack of career progression or dissatisfaction with management. However, pay and wellbeing are consistently ranked as the two most important things to employees. With that in mind, here are some of the most lucrative professions in Australia. The Highest Paying Jobs in Australia in 2023The five highest paying jobs in Australia in 2022 and 2023 are surgeons, anaesthetists, internal medicine specialists, financial dealers and psychiatrists, according to the Hays Recruitment Salary Guide. Please note that salaries may vary according to a number of factors, such as the state you live in or if you live in an urban or rural area, your specific qualifications and the length of time you’ve been employed with a particular company or in a specific role. The incomes below are a guide. 1. Surgeon – $406,068Surgeons make an average of $406,068 a year and report high levels of job satisfaction as well, according to Hays. Average taxable income: $406,068 Average take-home income: $244,549 Number of individuals in the profession: 4,159 2. Anesthetists – $388,814Anaesthetists, like surgeons, have a hugely important role and make an average of $388,814 a year and there are only approximately 3500 of them in Australia, according to the ATO. Average taxable income: $388,814 Average take-home income: $235,405 Number of individuals in the profession: 3,509 3. Internal medicine specialist – $310,848Internal medicine specialists comprise specialist physicians, cardiologists, endocrinologists, neurologists and paediatricians. They earn an average of $310,848 per year. Average taxable income: $310,848 Average take-home income: $194,083 Number of individuals in the profession: 9,906 4. Financial dealer – $279,790The second highest paying industry in Australia after medical is financial services. Financial dealers include stockbrokers and those who buy and sell securities on behalf of clients. Average taxable income: $279,790 Average take-home income: $177,622 Number of individuals in the profession: 4,754 5. Psychiatrist – $252,691Psychiatrists earn an average of $252,691 per year. The current shortage of psychiatrists has been flagged by the federal government as a concern by 2030 unless an intervention is made – and in the meantime it will only drive salaries higher. Average taxable income: $252,691 Average take-home income: $163,260 Number of individuals in the profession: 3,030 What Are The Highest Paying Jobs In Australia That Don’t Require A Degree?Of course, the top professions we have just listed all require extensive university training and qualifications. The three highest paying jobs that do not require a university degree are ICT managers; chemical, gas, petroleum and power generation plant operators; and ICT sales professionals, according to the Monarch Institute.
Average Australian Salaries in 2023The median full-time worker in Australia earned $78,800 in 2022, while the median part-timer took home $32,400 last year, according to the Australian Bureau of Statistics (ABS). When both types of employees are combined, the median salary is $65,000. That is to say, half of all employees in Australia earned more than this, and half earned less. A taxable income that was $131,501 or higher was within the top 10% of earners in Australia last year. About 5% of taxpayers had incomes above $180,000. Someone who earned more than $253,066 was in the top 1%. When discussing the ‘typical’ wage, averages are less representative than medians, because there are a handful of very high earners who skew the results by earning millions or even billions of dollars. A middle-income household typically comprises a couple with children living off one full time job of around $85,000 and a part-time job of around $30,000 per year. This middle 20% has a combined weekly income of $1,884 ($97,986 annually), according to a report by the Australian Council of Social Service (ACOSS). Are You Looking For A Higher Paying Job?If so, you aren’t alone. Many people are facing day-to-day financial stress as living expenses remain at record highs. It is therefore unsurprising that one in three employees is considering quitting their jobs, according to a PwC report. Pay and wellbeing were ranked as the top two most important factors in a job, according to the report. Source: Forbes
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