Palm Beach named richest postcode in Australia

Palm Beach has taken the title of the richest postcode in the country in the latest report from the Australian Taxation Office. But what other suburbs made the top of the list?

Palm Beach has the highest average individual income across Australia. Picture: AAP Image/Troy Snook

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Palm Beach has taken the title of the richest postcode in the country.

The latest report from the Australian Taxation Office (ATO) has revealed the 2108 postcode tops the list of the suburbs with the highest individual average taxable income for the 2016-2017 financial year.

The postcode also includes the western foreshores suburbs of Coasters Retreat, Currawong Beach, and Great Mackerel Beach.

Currawong Beach. Picture: Luciana santos

It’s a shock result for 2108 — which has never even made it into the top 10 list in the previous five years.

The report showed individuals who lodged a tax return from the 2108 postcode earned an average $230,330.

This is more than 10 times the average taxable income of the country’s lowest earners.

This was way ahead of Toorak (postcode 3142), where the average taxable income was $193,904, and Point Piper/Edgecliff/Darling Point (2027) where the average was $187,769.

It’s a major upset for the 2027 postcode, which has held the top spot for the past five years.

Postcode 2308, covering Newcastle University and Callaghan, had an average taxable income of $20,589.

The average individual income in Edgecligg is $187, 769. Picture: Stock Image.

Queensland had five of the bottom 10 postcodes with 4611 recording the second lowest average income nationally of $23,225.

The figures come from ATO’s annual Taxation Statistics report for the income year 2016—17. The report presents an overview of 16.5 million 2017 income tax returns for 13.9 million individuals, 970,000 companies, as well as super funds, partnerships and trusts.

Palm Beach was the only northern beaches postcode to make it onto the top 10 list.

Northern Beaches mayor Michael Regan said it was important to keep statistics like these in context.

Indeed, the 2108 postcode accounts for 1279 individuals who lodged a tax return for the 2016-17 financial year. There are an estimated 272,000 people living on the northern beaches.

“I think for the northern beaches it just shows the diversity of the area,” he said.

Northern Beaches mayor Michael Regan. Picture: AAP Image / Troy Snook

“It shows the extent of the wealth, but then there are the other extremes of homelessness and poverty which are also a problem.”

The report showed the national average taxable income for an individual male was $69,278, and $48,118 for a female.

When it came to professions, surgeons were the top-earning profession in Australia, on an average of $394,866. Anaesthetists came second, earning an average $367,343, followed by internal medicine specialists on an average of $299,378, financial dealers on $261,008, and psychiatrists on $216,075.

The lowest earning professions included fast food cooks, who earned an average of $18,616, hospitality employees, on $19,102, hospitality apprentices or trainees ($19,282), farm, forestry or garden worker apprentices or trainees ($19,744) and farmers ($22,378).

Out of about 1100 occupations recorded, there were 72 jobs where females had a higher average taxable income than males. These includes authors ($85,006 for women, $68,342 for men), future traders ($315,197 for women, $303,466 for men), magistrates ($262,152 for women, $255,177 for men), professional surfers ($76,614 for women, $48,367 for men), and illustrators ($62,245 for women, $58,304 for men).

Average taxable income 2016-17 for individuals, by postcode (Source: Australian Taxation Office)

2084 (Cottage Point, Duffys Forest, Terrey Hills) — $101,705

2085 (Belrose, Davidson) — $72,783

2086 (Frenchs Forest) — $75,567

2087 (Forestville, Killarney Heights) — $79,171

2092 (Seaforth) — $124,729

2093 (Balgowlah, Balgowlah Heights, Clontarf, Manly Vale, North Balgowlah) — $101,350

2094 (Fairlight) — $103,351

2095 (Manly) — $112,527

2096 (Curl Curl, Freshwater, Queenscliff) — $93,695

2097 (Collaroy, Collaroy Plateau, Wheeler Heights) — $81,898

2099 (Cromer, Dee Why, Narraweena, North Curl Curl) — $65,837

2100 (Allambie Heights, Beacon Hill, Brookvale, North Manly, Oxford Falls) — $71,830

2101 (Elanora Heights, Ingleside, Narrabeen, North Narrabeen) — $71,670

2102 (Warriewood) — $74,929

2103 (Mona Vale) — $73,673

2104 (Bayview) — $95,246

2105 (Church Point, Elvina Bay, Lovett Bay, McCarrs Creek, Morning Bay, Scotland Island) — $99,047

2106 (Newport) — $88,175

2107 (Avalon Beach, Bilgola Beach, Bilgola Plateau, Clareville, Whale Beach) — $84,194

2108 (Coasters Retreat, Palm Beach, Currawong Beach, Great Mackerel Beach — $230,330