Here is a list of the top 10 occupations by average taxable income in Australia, as reported by the Australian Taxation Office for the period of 2020-21. While these incomes are well beyond a graduate starting salary, it is always fun to see what occupations are the most lucrative.
Surgeons must complete a Doctor of Medicine and be accredited with the Medical Board of Australia. They examine patients and perform surgical operations.
- Average taxable income: $457,281
- Number of Individuals: 4,157
- Entry-level Position: Surgical Resident
Anaesthetists must also complete a Doctor of Medicine. They provide general or local anaesthesia to patients for surgical and diagnostic procedures.
- Average taxable income: $426,894
- Number of Individuals: 3,479
- Entry-level Position: Anesthesiology Resident
3. Financial Dealer
Financial Dealers require a bachelor degree in commerce, finance, economics or actuarial science. They monitor financial markets to buy and sell commodities and securities.
- Average taxable income: $341,798
- Number of Individuals: 4,761
- Entry-level Position: Financial Analyst, Investment Banker, Stockbroker, among others
4. Internal Medicine Specialist
Internal Medicine Specialists require a Doctor of Medicine or Doctor of Osteopathic Medicine degree. Specialising in complex chronic conditions, they diagnose and treat patients using specialist techniques.
- Average taxable income: $334,267
- Number of Individuals: 10,055
- Entry-level Position: Internal Medicine Resident
Psychiatrists must complete a medical degree. They diagnose and treat mental and behavioural disorders in patients, and often work closely with other health professionals.
- Average taxable income: $270,412
- Number of Individuals: 3,071
- Entry-level Position: Psychiatrist
6. Other Medical Practitioners
This includes many occupations, for which a Doctor of Medicine is most likely required. Practitioners provide medical care by diagnosing and treating patients.
- Average taxable income: $251,722
- Number of Individuals: 28,947
- Entry-level Position: Residency
7. Mining Engineer
Mining Engineers require a bachelor degree in engineering. They typically plan and supervise the engineering processes behind mining to ensure the profitability, efficiency and safety of mines.
- Average taxable income: $196,178
- Number of Individuals: 9,127
- Entry-level Position: Junior Mining Engineer
8. Judicial or other legal practitioners
Australian legal professionals require a bachelor degree in law. These roles vary depending on the precise nature of the profession, but can include presenting legal matters in courts and tribunals, providing advice on the law, and drafting legislation.
- Average taxable income: $193,388
- Number of Individuals: 4,025
- Entry-level Position: Paralegal, Junior Solicitor, Law Clerk, Legal Assistant, among others
9. Chief Executive Officer or Managing Director
There is no specific degree to qualify as a CEO, but a bachelor degree in commerce, business, finance or economics is typical. A Managing Director often has education in business or marketing. CEO’s oversee the business operations of an organisation, while the Managing Director leads a specific business unit within an organisation.
- Average taxable income: $177,506
- Number of Individuals: 224,015
- Entry-level Position: Business Developer, Accountant, among others
10. Financial Investment Advisor or Manager
Financial Investment Advisors or Managers require a bachelor degree in commerce, business, finance or economics. The role includes developing financial plans, and investing and managing funds on behalf of individuals and organisations.
- Average taxable income: $169,608
- Number of Individuals: 20,268
- Entry-level Position: Accountant, Banker, among others