In order to be regarded as above-average earners in the nation, full-time employees must earn more than $91,000 annually. However, this amount fluctuates greatly depending on your location, your line of employment, your gender, your level of education, and your level of experience. For instance, anything over $115,000 is considered a respectable pay for a software engineer living in Sydney, but a woman employed in the public sector has to make more than $1,820 per week to be regarded as a high earner. There are regional variations as well; a CEO in Sydney makes roughly $308,000, whereas a CEO in Melbourne makes $235,000 in the same capacity.
For those who are just starting out in their careers, $4,000 to $5,000 a month should be a reasonable expectation, while those with years of expertise in industries with intense competition should be paid more than $120,000. You should generally strive for a pay that is at least average. Alternatively stated, a decent wage in Australia is anything between $90,000 and $108,000 per year, or $7,500 and $9,000 per month. A decent benchmark for how much you should be making is the median salary, which is $72,000 annually.
The average wage for all employees is $1,344.70 per week, or $69,888 per year, according to the most recent information from the Australian Bureau of Statistics. An increase of 1.9% from the previous year brings the average weekly wage for full-time workers to $1,769.80, or $92,029 annually before taxes. The average full-time wage is $1835.20 per week, or $95,000 per year (pre-tax), if overtime, bonuses, and commissions are not taken into account. For full-time employees, or those who work a minimum of 38 hours a week, the minimum wage is $812.60. Every firm is required to provide employees with the federally mandated minimum salary and a certain amount towards superannuation.
As previously stated, a number of factors affect the average monthly pay in Australia. According to gender, industry, and location, below is a breakdown of the average yearly income for Australians. Please keep in mind that these statistics are just intended to serve as broad guidelines because your overall compensation is determined by a variety of other factors. The national wage gap between men and women in Australia is presently 14.1%, and it has been a severe issue for years. Men make $1,872.90 on average per week as of May 2022, while women make $1,609 on average per week, or $263 less.
Naturally, the average salary is greater in states with higher costs of living. As a result, the average annual income for people residing in the ACT, where Canberra's public employees work, is $103,080. This is about $19,000 higher than the average annual earnings in South Australia, which is $84,390.
Here is a more thorough examination of salaries in various states.
According to the table, Queensland and the Northern Territory are on the cusp of the average in terms of full-time employee yearly salaries, while two states, New South Wales and Victoria, fall below it.
The top five Australian industries in terms of compensation are as follows:
The top five industries by pay are depicted in the table above as being paid higher than the national average. Gender also matters in this situation; for instance, males make $444 more on average than women in the mining sector, where 83% of workers are men. Contrarily, males continue to earn $2,049 compared to $1,595 more than women in the business of healthcare and social support, which is dominated by women. The lowest average wage is in the hospitality and food sector, at approximately $1,220 per week. The workforce in this industry is also the youngest; 45% of workers are under the age of 25.
According to the employees' degree of education, the median salary in August 2021 are listed below.
Postgraduates earn more money naturally, but getting a Master's or PhD requires a significant financial commitment. 38% of Australians seek postgraduate education, which ranges in price from $37,000 to $114,000 per year. However, keep in mind that you may work in some positions without experience or a degree and earn a respectable wage. While positions like air traffic controller ($257,000) and construction manager ($153,000) pay above average and don't require employees to have a degree, careers like concreter ($109,200) and delivery driver ($27,400) are just a few of the vocations you may enter without prior experience.
In Australia, those in the medical field make the greatest money, with surgeons earning far more than the national average.
Here is a closer examination of the top 5 paid positions in the nation:
According to Fair Work, Australian workers who work overtime are compensated at a rate of 150% of their minimum hourly wage and 200% if they put in more than two hours. Bonuses range from 6 to 10% of your annual salary, depending on your company and the industry you work in.
You must notify the ATO of any additional super contributions you make if your bonus or overtime salary is immediately deposited into your retirement account.
Depending on where you reside and how big your household is, there are different average living costs. Accordingly, a single individual would require between $2,000 and $3,537 per month for a modest lifestyle, or around $1,362 (without rent). In Australia, a single individual may make a nice living with an income of $4,000 per month if they seek a better lifestyle. This entails renting a one-bedroom flat, shelling out about $200 on meals, and $10 for a night out. However, estimations indicate that a family of 4 in Australia needs to earn at least $6,600 per month or $4,905 (rent is not included) to afford living expenditures.
If you are looking to rent, budget between $1,000 and $1,500 a month, or even more if you wish to rent a larger flat in the middle of a big city. Depending on the amount of your house loan, your LVR, and the interest rate, you may pay as much as $1,993 a month for your mortgage if you've purchased a property. FOOD According to the most recent data on food consumption, the average Australian spends $608 per month on groceries. In a mid-range restaurant, a typical three-course lunch for two people runs between $100 and $150. Drinks are additional; a domestic beer costs, on average, $8, while a cup of coffee runs approximately $4.
Transportation expenses go from $200 to $300 per month, with gasoline accounting for the majority of costs (nearly $100 in October 2022 and growing). The first time fuel costs crossed the $100 threshold was in August, when Australian families paid an average of $100.39 per week for petrol. For a household with two cars, additional automobile operating costs soon pile up and total an average of $16,912 per year.
Australia has a $1,645 annual average for power costs. Additional monthly expenses total $250 and include internet, water, and petrol. For instance, the average monthly expense for internet service is $77, while the average monthly charge for a cell phone is between $50 and $80. The typical quarterly water bill is around $200.
Australian homes are said to spend $4,500 a year on entertainment, the most of which goes towards streaming and gaming expenses. In fact, 80% of Australians are expected to utilise video streaming services by the end of the year, up from the 62% who did so on a weekly basis last year.
Health-related expenditures cost Australians an average of $7,926 per person annually, with health insurance accounting for $166 of the total.
During the second half of 2020's border restrictions, Australians paid an average of $385 per person on domestic travel; however, the amount has subsequently increased to $5,072 per person for international travel. Although there are some inexpensive nations you may visit from Australia that might cost you less than that, the average Australian spends $4,000 to $5k on a vacation overseas.
Australians' marginal tax rate is 34.5%, therefore they pay 15.4% of their income in taxes. You therefore pay $7,717 in taxes if your yearly income is $50,000. 6.717% of the average tax is withheld as income tax, and another $1,000 is withheld as the Medicare levy. If you receive a rise of $100, you will only receive a salary increase of $65.50 since the additional income will be taxed at the marginal rate of 34.5%, which is $34.50.
In order to maintain a good standard of living in Australia, you would need to earn at least $90,000 each year. Depending on your demands, your city, and the size of your home, a different amount may be required. Check the average hourly wage in Australia for your industry or profession, gender, and area as a general rule of thumb, then look for a job that pays at least as much as that.
MedicoQa's expert counsellors can help you with all your doubts