Fresh data reveals Geelong region’s highest and lowest paid postcodes

New data has revealed the gap between Geelong’s highest and lowest paid suburbs. SEE THE LIST

New tax data has revealed the increasing gap between Geelong’s highest and lowest paid suburbs, with three postcodes falling under the national median income.

Newly released figures from the Australian Taxation Office (ATO) has provided fresh insight into the median taxable incomes of the region’s postcodes from the 2019-20 financial year.

The 3220 postcode – including Geelong, Newtown and South Geelong – recorded the highest median taxable income at $78,252, followed by 3221 (Barrabool, Ceres, Gnarwarre) with $77,153 and 3227 (Barwon Heads, Breamlea, Connewarre) with $75,612.

Geelong’s inner-most suburbs included the best paid average workers

Just two local postcodes recorded median taxable incomes under the national median of $48,381, including 3233 (Apollo Bay, Cape Otway, Marengo, Petticoat Creek, Skenes Creek, Skenes Creek North) with $46,292 and 3214 (Corio, Norlane, North Shore) with $45,268.

Comparing tax data to five years prior in 2014-15 shows three postcodes saw income growth below the national median increase of 10.3 per cent, including 3214 at just 9.7 per cent, 3231 (Aireys Inlet, Fairhaven, Moggs Creek) at 7.1 per cent and 3224 (Moolap, Leopold) at 10.1 per cent.

Postcodes on the outer borders of the region saw the highest five-year growth in median incomes, led by 3232 (Lorne, $67,724 median) at a 52.9 per cent increase, followed by 3211 (Little River, $74,822) at 32.1 per cent, 3230 (Anglesea, $57,885) at 28 per cent and 3213 (Anakie, Batesford, Lovely Banks, Moorabool, $62,446) at 24.2% per cent.

The fresh income data comes as new research suggests a cost of living crunch is leaving Australians with little cash after paying bills and necessities.

Research by money management app Finder found an average employee earning a $69,400 salary – or $33.68 per hour after tax – spent 75 per cent (28 hours) of their week working to pay for petrol, groceries and their mortgage.

The research found an average weekly rent of $522 set tenants back 15.5 hours, while average home loan costs of $647 a week cost them 19.2 hours’ worth of work.

Average childcare costs of $565 per week equated to 16.8 hours of work, while a typical grocery bill cost five hours of work and a tank of petrol 3.9 hours of their work week.

Finder money expert Sarah Megginson said many Australians were being left with little money once everyday expenses were paid.

“Inflation is soaring and Australians are being hit with hefty costs when they go to fill up their petrol tank or do their weekly grocery shop,” Ms Megginson said. “This is forcing many to quickly change their spending habits.”

“These growing expenses are cutting into households’ discretionary income, meaning that more is being spent on necessities. As a result, people have less money left over for luxuries like going out or shopping online.”

Originally published as Fresh data reveals Geelong region’s highest and lowest paid postcodes