Australians reveal what they believe a ‘good’ salary is in 2024

Australians revealed what they believe a “good” salary is in 2024 - and their answers are very much a sign of the times.

What is considered a “good” salary in 2024?

This is the question that financial content creator Hannah recently posed to TikTok.

“What is a number that if you slapped it on your salary you would be like ‘I am happy with this, I don’t mind if it never goes up again. This is a good salary’?” she said.

“Because I think everybody’s opinion is different in this, I know mine certainly was. Somebody told me the other day that their good salary was $270,000, I would say that is extreme for me, but that’s just my personal opinion.”

Her question sparked an avalanche of responses, with the video quickly gaining hundreds of comments.

MORE: A guide to salary averages in Australia in your industry

As to be expected, the answers varied significantly, ranging from $80,000 up to a whopping $500,000.

One commenter said they would be “happy” with $80,000 to $90,000, while another agreed they would be “comfortable” with $80,000 but would consider $120,000 a “good” salary.

Many others said that they would be happy in the $110,000 to $130,000 range, but there were conditions, such as not having to manage people and not having any HECS debt.

Others who were already earning within this range claimed they would need a significant pay increase to meet their criteria of a “good” income.

“I’m currently on $110k-$120k and honestly I struggle to have any fun money while having savings, good super and investments which is why I want more! So my preference would be $250k,” one person said.

Some said their answer depended on whether or not children were in the mix.

One person said their “ideal amount” would be $180,000, but that increased to $220,000 with kids.

“Single $180k, if I had kids probably $250k,” another said.

Many people agreed with the $250,000 figure, but some thought that still wasn’t enough.

“$300k minimum” one said, with another claiming they wouldn’t accept any less than $500,000.

MORE: 5 tips for pitching a higher salary

It has been a hard few years for Aussies, with cost of living challenges meaning an increasing number of people have found themselves living pay cheque to pay cheque.

While the latest inflation figures have remained steady at 2.1 per cent for October - the lowest inflation rate since July 2021 - Australians are still feeling the lasting impacts of repeated rate rises.

Despite inflation dropping, homeowners have been warned the cash rate will likely remain at 4.35 per cent until February next year at the earliest.

The worsening housing and rental crisis means Aussies are having to spend more and more money just to have a roof over their heads.

Australia’s Wage Price Index grew by 3.5 per cent in the year to the September 2024 quarter. This is a drop from the 4.1 per cent growth rate recorded in the June 2024 quarter.

According to the latest figures from the Australian Bureau of Statics, the average yearly salary - calculated by dividing total earnings by the total number of people - has now hit $103,812.

The median salary - or the “middle” earnings figure - for full time workers is $88,920.

How far your money goes in 2024 is also impacted by where you live in the country.

What Aussies consider a ‘good’ salary varies significantly. Picture: NewsWire / Nicholas Eagar

A recent report from financial comparison site, Finder, found that the most expensive place for housing in Australia is Sydney.

Including utilities, the cost of living in Sydney is 61 per cent higher than living in Darwin, which is the least expensive capital city.

“Monthly rent in a 2 bedroom apartment is likely to cost you around $694 more a month in Sydney than in Melbourne,” the report found.

“That increases to $1020 if you want to live in an expensive area. You can save a small amount when it comes to utilities, however.

“Gas, electricity and water are $48 cheaper a month in Sydney and broadband costs are around the same.”

Sarah Megginson, money expert at Finder, previously told news.com.au that being “rich” or well-off in this tough economic environment is almost impossible.

“The amount of money you need to earn in order to pay your bills and live comfortably is really different to the amount you need to feel rich,” she explained.

Still, Ms Megginson says if you have a buffer in these inflated times you are doing better then most.

“The baseline test is different for everyone, but basically if you add up all of your everyday expenses and bills, then add a buffer of 10-20 per cent – then that’s the wage you need to earn to be comfortable and not suffer in the current economy,” she said.