In addition to releasing data outlining the country’s highest-earning postcodes, the Australian Taxation Office published data revealing the highest-earning jobs in Australia. As you will have probably guessed, medical professionals and engineers absolutely dominate the list – with the former securing first, second, third place (and beyond).
Here are the top ten highest-earning jobs in Australia (by FY17/18 average taxable income):
Average taxable income: $402,582
Number in Australia: 4,064
Average taxable income: $382,674
Number in Australia: 3,334
3. Internal medicine specialist
Average taxable income: $301,129
Number in Australia: 9,191
4. Financial dealer
Average taxable income: $272,895
Number in Australia: 4,773
Average taxable income: $225,206
Number in Australia: 2,950
6. Other medical practitioners
Average taxable income: $215,728
Number in Australia: 28,406
7. Judicial or other legal professionals
Average taxable income: $184,598
Number in Australia: 3,738
8. Mining Engineer
Average taxable income: $179,288
Number in Australia: 8,599
9. Chief Executive Officer or Managing Director
Average taxable income: $170,336
Number in Australia: 183,483
10. Engineering Manager
Average taxable income: $156,015
Number in Australia: 25,546
It’s fascinating to note how many CEOs and Managing Directors there are in comparison to the other top-ranking professions – a staggering total of almost 185,000, with the next closest competition only coming in at around 28,400 (other medical practitioners). More than the other nine entrants combined, in fact. I guess every operator with an ABN and their freelancing dog is a CEO/MD these days, no matter how small the enterprise, and how slim the profit margins.
It does, however, provoke some further curiosity – just by the simple law of mathematical averages, if we were to filter out all these CEOs and MDs in title only, leaving a pool of bona fide CEOs and MDs… how much phatter would the average taxable income for a CEO/MD be?
You can check out more data regarding Australia’s highest earners – occupations and otherwise – at ato.gov.au.