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100 Aussies: seven charts on who earns, pays, and owns

The Labor government seems intent on introducing its $3 million super tax as well as investigating broader tax reform to boost our flatlining economy. Before pushing through with changes, it’s critical to recognize who pays the bills and who owns the assets.

That’s where the Australian Taxation Office’s annual snapshot of individual tax returns is useful. Because not everyone lodges their returns on time, the latest data are from the 2022-2023 financial year, though they offer fascinating details, nonetheless.

The snapshot reveals around 16.1 million individuals lodged tax returns in 2023.

Breaking it down by generations, for every 100 Australians lodging returns:

  • 18 are from Generation Z (born between 1996 and 2009)
  • 35 are from Generation Y (born between 1980 and 1995)
  • 29 are from Generation X (born between 1963 and 1979)
  • 15 are Baby Boomers (born between 1946 and 1962)
  • 3 are from the Silent Generation (born in or before 1945)

So, 82% of taxpayers are younger than Baby Boomers.

Of the 100 people, 72 received a tax refund, 21 owed tax and 7 were perfectly balanced. Just 9 declared a capital gain, while 14 earned rental income (7 with losses and 7 with profits). Meantime, the proportion of men and women who lodged returns were split 50:50, and 77 came from states on the east coast.

Let’s look further at the key points from the taxpayer snapshot.

1. Who pays tax?

Australia has a progressive tax system where the more you earn, the more tax you pay. Most consider it a fair and equitable way for those with resources to provide for those without.

Nevertheless, the data on the gap between high- and low-income earners surprised me. Just 15% of Australians have an annual salary of $120,000 or more. And more than 40% earn less than $45,000 a year.

That 40% of taxpayers pay just 3% of the total tax tab. Meanwhile, the 15% earning more than $120,000 accounts for 68% of the net tax collected by the ATO.

The ATO breaks it down further by ranking the 100 people by taxable income:

  • The top 3 paid 29% of all net tax
  • The next 6 paid 18% of all net tax
  • The next 30 paid 40% of all net tax
  • The next 35 paid 13% of all net tax
  • The final 21 paid no tax

2. Taxable incomes

For the 2023 financial year, the average taxable income was $74,000. Averages can be deceiving, so it’s often better to look at median incomes. And on this front, the median wage was $56,000. Put another way, 50% of Australians earn less than $56,000 a year.

There still seems a large gap between pay for men and women. The median salary for men is around $65,000 while for women, it’s less than $49,000. This doesn’t consider the proportion of men and women that are working full-time versus part-time or casual.

Finally, the average superannuation balance is close to $173,000. However, the median balance is only $60,000.

3. Top taxpayers by postcode

Let’s turn to the top end of town and the top 10 postcodes by average income. NSW has 7 of the leading postcodes, Victoria 2 and Western Australia 1 (the ATO chart below mistakenly places Cottesloe and Peppermint Grove in NSW instead of WA).

Individuals – top 10 postcodes, by average taxable income, 2022–23 income year

It isn’t a surprise to see Sydney’s eastern suburbs occupy four of the top five spots. The likes of Darling Point and Point Piper have average wages of $279,000, a reasonable way ahead of Double Bay in second place.

People in Hawksburn and Toorak in Melbourne have average salaries of $242,000.

Meantime, WA’s only entrants, Cottesloe and Peppermint Grove, have average wages of $214,000.

4. Top taxpayers by occupation

Unsurprisingly, the medical field dominates the leading taxpayers by profession. Surgeons top the list for average incomes, followed by anesthetists. Interestingly, anesthetists earn the most on a median basis ($425,000 vs $366,000 for surgeons). This indicates that top surgeons earn a lot more than less experienced surgeons, whereas it's a flatter playing field for anesthetists.

The number of people in leading medical professions is relatively low. Greater numbers of top-earning individuals are found in the occupations of CEO/MD and financial adviser/manager.

Having 231,000 as Chief Executives or Managing Directors seems like a lot, though it’s only about 1.4% of total taxpayers.

Individuals – top 10 occupations, by average taxable income, 2022–23 income year

5. Average super balances by age

As mentioned, the median super balance is $60,000. Naturally, older people hold more super.

The largest super balances belong to 60-64-year-old men, at $219,000. Obviously super balances decrease beyond that age as retirees draw down their super.

However, for women, the bigger super balances belong to those aged 70-74. Whether this is due to spouses departing, I am not entirely sure.

Superannuation balances for men and women

6. Who owns investment properties?

Moving onto who owns our assets.

Residential property is the largest asset class by far, valued at around $11 trillion, and most Australians have their wealth tied up in real estate.

The ATO data shows that 2.26 million Australians own investment property, or 14% of all taxpayers. Of these, more than 1.6 million have just one investment property. And almost 215,000 own three investment properties or more.

Australia’s property landlords get more than $56 billion in gross income from renters. That’s significantly more than the $49 billion collected two years prior (thank you, rental inflation post Covid).

However, after mortgage interest and other deductions, investment property owners only earned $1.6 billion in net income. Albeit, that’s better than the net losses from 2018 to 2020 when Covid-related rental assistance impacted landlords.

Individuals – rental income and deductions, 2018-19 to 2022-23 income

One takeaway

There are different ways to interpret this ATO data. My takeaway is that there are a relatively small group of people who earn the most, own the most, and pay the bulk of the taxes, and a much greater group that struggles to make ends meet and pays little to no tax.

Our system requires a delicate balance of taxing the well-off in a fair and equitable way to help the less fortunate. The art for policymakers is doing this in a way that doesn't discourage the accumulate of income and wealth, and also encourages mobility up the income ladder.

* Thanks to Firstlinks’ subscriber, Bill, who requested an update to Graham Hand’s 2021 article, 100 Aussies: five charts on who earns, pays and owns.

 

James Gruber is Editor of Firstlinks.

 

57 Comments
Greg W
July 29, 2025


"Despite $22bn promise, Adani has paid zero corporate tax in Australia and experts think it won’t ever pay a cent"

https://www.theguardian.com/australia-news/2025/jul/29/adani-australia-corporate-tax-carmichael-coal-mine-abbot-point-queensland-ntwnfb

Greg
July 28, 2025

Reduce the income tax, increase the GST. Also look at a debit tax, and how much that could actually contribute.

Steven Jackson
July 29, 2025

Gday Greg, increasing the GST and reducing PAYE only places great cost on people earning less than the average wage.
If you say people earning over 120,000 pay higher GST then maybe that could be equitable but how would it work,??

Ian
August 03, 2025

Not really. GST is applied when you spend. Higher earners will spend on more luxury items so will pay more GST. Most essential fresh foods are GST free, rent is GST free.

james
July 29, 2025

The Economy of Australia - nothing but ASSETS RICH INCOME POOR!

I highly commend the author that he presented the following simple fact - people in Australia owned $11trillion in properties, making $1.6bn income out of it, that is 0.14% return.


'Residential property is the largest asset class by far, valued at around $11 trillion, and most Australians have their wealth tied up in real estate'.

'However, after mortgage interest and other deductions, investment property owners only earned $1.6 billion in net income'.

Roger
July 30, 2025

You might want to re-look at your yield calculation. Either you need to reduce the total value of properties to just the rentals or you need to impute a notional rent for all the homes. But don’t do that as the imbeciles in Treasury may take that as a wonderful idea for extra taxing.

John
July 28, 2025

To me, there seem to be way to many variables to draw any sort of meaningful comparisons, let alone conclusions.
As a result it’s difficult to determine who gets what and why.
All should have equality of opportunity with no expectation of an equitable outcome.

Ross
July 28, 2025

As long as we have ex prime ministers shirking their responsibility to pay the appropriate taxes then we have no chance of the general population feeling that they should !

David M
July 27, 2025

I think in Australia we need to have a conversation around taxing income versus taxing assets. The reality is I pay 47% tax on my income, and this only leaves me 53% of my income to save and create assets/savings. Compared to the person who will inherit properties and other assets tax free, this creates a social divide between those who inherit and those who don't.
Further, I have clients who are retired who generated tax free income last year of $500,000 paying no tax at all, with an asset base of $7m in property, shares and super. The same individual would pay $200,000 in tax. This inequity will only get worse as the population ages. I know many people reading this will have paid lots of tax to generate their savings and will fill hard done by my comments, but the current system doesn't work - we need to suck it up and make changes, but I fear we will just target high income workers, which will inevitably mean inheritance is the onlyw ay to prosperity in this country.

James#
July 27, 2025

"I think in Australia we need to have a conversation around taxing income versus taxing assets"

Yes, but an unbiased, non-partisan, non-cherry picked conversation thanks Mr Chalmers! Funny, Ken Henry produced a comprehensive document over 15 years ago to completely reform taxation and the Rudd-Gillard governments didn't want to touch it!

The other adult conversation needs to be government being reminded of the social compact and responsibility of not wasting tax payer money! Programs like the NDIS need to be brought under control, not just pretending to do something. Massive public service and bureaucracy for our population size. The renewable, "cheap" energy fantasy which will cost Trillions. And as for Albo's legacy plan of universal childcare for all, paying just $10 per day, we can't afford this sort of extravagance.

Unless spending is brought under control, more revenue generated from more taxes won't solve the problem. We have a spending problem first and foremost.

Jack
July 27, 2025

James,

Spending has nothing to do with the crazy housing bubble we've built.

Go after that first.

James#
July 28, 2025

@Jack: "Spending has nothing to do with the crazy housing bubble we've built."

Yes it does in part! Government policies like first home buyer grants and the government going guarantor on first home buyer mortgages only push up housing costs. Government infrastructure builds are pushing up tradie costs for those that remain to build domestic houses. Government spending is so high that councils and state governments need to extract levies and taxes on new developments that I'm told are between 40 - 50% of the cost of new house and land package builds! So yes spending does have a lot to do with it, as do government policies on negative gearing, CGT and a lack of new land release etc

Grant
July 28, 2025

David you pay the higher tax rate once your earnings go over $187000. Before that it is a sliding scale. 24,32,37 %, etc

Jim Kiernan
July 27, 2025

Australia has the 29th highest total tax of all OECD countries (that is all tax, not income tax). To be clear, that means 28 other countries (in the OECD) have a higher total tax. The 15% of income earners who pay about half the total tax in Australia have ways of avoiding tax if they want to go down that road.

Magnus Costa
July 28, 2025

The OECD comparison is misleading as they all, with the exception of Australia and NZ, include workers' social security contributions (so the equivalent of our super contributions) as a tax. While we don't because of a vague financial rule that Australia's super scheme is different to their pay-as-you-go schemes - which is a furphy because both are enforced saving schemes that quarantine current income for future retirement purposes.

If you were to add the 12% super guarantee to the current tax load for workers, you'll see Australia rocket to the near top of the OECD league table.

James
July 27, 2025

The numbers on medical practitioners -- can be miss leading. It does not take into account hours worked.
People like GP's, surgeons ,etc do not 38 hour weeks.
It is impossible to work just 38 hours per week even if you did not want to work the hours we did. How do you say to a patient "Sorry will not attend to you I have done my 38 or 40 hours this week".
The bulk of my working life I was paying 50% of my wage in taxes -- now retired for 6 years. However the tax regime was different then and I will admit more generous when it came to deductions for tax. Over the yrs post Keating the deductions became less generous, basically tax remained the same and I started to work less hours ( did not see the value of working hard and losing 50% of the extra money I was earning).
Recently returned from Sweden and Norway. Personal tax rate highest was around 55% and there are high indirect taxes e.g. 25% GST. The welfare system is different and more inclusive.

Mon
July 28, 2025

Totally agree … the stats do not report the truth.

JGB
July 28, 2025

Not examining hours worked per week to achieve income earned is a major flaw in this analysis - many professionals and self employed work way beyond the the basis 37.5 hours working week

Lachlan
July 30, 2025

The number of medical practitioners may also be misleading due to an inherent reduced ability to reduce their apparent income with deductions perhaps creatively applied by other non medical tax(non)payers.

Michael
July 27, 2025

Post code 6011 is not in NSW. Fix it.

James Gruber
July 27, 2025

Michael,

Read the article again because I mention the error in the chart, and they got the state wrong not the postcode. And I can't fix it because it's an ABS chart, not mine.

Dauf
July 27, 2025

I’d expect that once you account for social welfare (power subsidies, Family tax benefits, rent assistance …the list goes on), the proportion of people paying no net tax (or next to no tax, will be even higher. I still love the old tax policy explained in beer analogy…it doesnt end well.

But keep bringing in people hat the nation does not end and they will keep voting for these clown and the young will eventually end up paying for their own silly voting patterns…or there may of course be a generational punishment for anyone who saved by the remaining jealous and envious

michael
July 27, 2025

I have long thought the fairest way to decrease income tax is to raise the tax free threshold. Everybody gets the same dollars, but it means more to the paupers.

Vee
July 26, 2025

The real issue here is a government spending issue. That needs to be cleaned up first before reviewing major changes to taxation.
These statistics can be skewed to paint the picture the government wants. It is still clear that most pay little or no tax and are reliant on a few, who pay most taxes already by far The government and agencies gloss over this, and keep looking at the top payers and how to squeeze ever increasingly more from them to feed the machine. The modern wealthy have become today's slaves to the majority of individuals.

GeorgeB
July 26, 2025

You have exactly understood the problem, although the challenge facing the nation is to have the half of the population that benefits from government money or in other words from the efforts of the other half of the population that actually creates the wealth, to fully appreciate the scale of the problem. It is patently obvious to anyone with half a brain that the government already has an agenda (leaked via less than competent treasury official) to squeeze more tax from the usual suspects while the so called round table discussion is merely a convenient smoke screen to deflect blame when that reality is dropped on the nation at large.

Vee
July 27, 2025

Yes. And BTW, I believe that the accidental release of that document was quite deliberate with Chalners' full knowledge. He is very happy for these summits and public discussions. Its part of the perpetuity of the Robin Hood mentality. However, that no longer holds true and I read recently that more than half now get most of their income from the government courtesy of the "wealthy slaves". This is very possibly true, given that most people overall are tax positive and pay far less tax than they benefit from in the form of pensions, handouts etc.

GeorgeB
July 28, 2025

"I believe that the accidental release of that document was quite deliberate with Chalmers' full knowledge"

Interesting comment because the same thought also crossed my mind and would represent another low in deceit and premeditation on the Australian public, but it would also explain why our fearless treasurer was so "relaxed" about the incident , its honors level grubby politics but our treasurer is up to the task having earned a doctorate in the subject.

Geoff
July 28, 2025

I agree with Vee and GeorgeB regarding the "accidental" release. Perhaps I'm overly suspicious of our governments in general, but my immediate thought was that it was a blatant kite flying exercise to get some things into the conversation. And if so, that shows a lack of courage. We can handle the truth, there just aren't many willing to speak it.

GeorgeB
July 28, 2025

"We can handle the truth, there just aren't many willing to speak it"

The time to speak the truth was in the run up to the election, instead we were told the blatant untruth that the budget was on track and could afford tax cuts-little wonder that many are not willing to speak it post election.

James.
July 27, 2025

I agree. The big problem Australia has, is that we have a Socialist government that is incompetent and has no other agenda, other than to keep themselves in a job and keep their respective noses in the trough. Albanese and Co, couldn't give two hoots about improving the well being of Australians. all they want is to keep getting the big salaries and bigger perks and to make themselves look like heroes. Wouldn't P1ss on any of them if they were on fire.
They waste so much of the money they take off the people, that it is nothing short of criminal.

ACT ratepayer
July 26, 2025

"Australia has a progressive tax system where the more you earn, the more tax you pay."
Well sounds good but not exactly true.
The GST is a regressive tax that is a flat 10% on everyone. So the less you earn the greater the proportion of your after income tax disposable earnings you pay.
Rates on unimproved land values are also a regressive tax because they are applied irrespective of what you earn or your capacity to pay. Just because you are a pensioner or average earner whose land has seen major increases in assessed value doesn't mean you have the same capacity to pay as the millionaire living next door on the same sized and same valued property.
Here in the ACT rates have risen 30% in the last five years, far in excess of inflation and wages. Rates have more than tripled since 2012. Many retirees and average income earners in older suburbs are now being taxed close to $10,000 a year in rates on their land value, whether the block has a new mansion or an original weatherboard. Rates are a tax on unrealised capital gains and I dispute that such a tax is 'progressive'. Home owners can't just sell part of their house or part of their household block to pay these ever increasing exorbitant rates.

John
July 28, 2025

But that’s OK because most Canberrans are or have been public servants, where they get to waste the taxes raised from more productive Australians. For decades, those productive Australians, many of whom never even visited Canberra, paid to maintain Canberra’s roads, Cycleways, parks and other infrastructure. Finally, Bob Hawke said “enough is enough”. So now, Canberrans pay a bit more towards what they used to get for free.

ACT Ratepayer
July 28, 2025

John - what's happening to ACT ratepayers is a warning to all Australians about the consequences of allowing over spending revenue hungry government to link rates to ever increasing land values. Few believed our rates would go up by so much, so fast and so far in excess of wage and price growth. The local government promised that rates revenue would replace revenue from stamp duty, but stamp duty is still being charged. How does $10,000pa in rates compare to what you're paying? I suppose there is less sympathy for Canberra because of perceived past benefits but in reality there is greater wealth disparity between rich and poor in the state capitals. Canberra doesn't have your Tooraks and Vaucluse Heights. If it makes you feel any better, Canberrans are experiencing cost of living pressures and housing unaffordability like other Australians.

GeorgeB
July 28, 2025

"what's happening to ACT ratepayers is a warning to all Australians about the consequences of allowing over spending revenue hungry government to link rates to ever increasing land values"

Its also a salutatory warning to all Australians to NEVER allow ANY government to link ANY future taxes to OUT OF CONTROL property values unless you also want OUT OF CONTROL property taxes. Canberra's lesson needs to be learned before its too late.

E
August 10, 2025

I am an empathetic person but find myself enjoying John’s comments.

ACT Ratepayer, how was the property tax introduced? I don’t see it pass in NSW. ACT bureaucrats have taken a dose of their own medicine of….

Richard
July 26, 2025

I would like to know how much tax we pay over a year considering property tax, GST, car rego, stamp duties, etc and income tax.

Harry
July 25, 2025

Average incomes quoted in articles, whether in financial literature, General media or otherwise are always pure fiction. When the bits we know for a fact are so off piste, we can only be sceptical about the accuracy of the rest. !

DarylS
July 25, 2025

If someone has a high taxable income (say $200k and up) you can bet that their gross was initially much higher. Long retired, I was on a reasonably high income, yet quite legally cut it in half for the ATO.

GeorgeB
July 25, 2025

"I was on a reasonably high income, yet quite legally cut it in half for the ATO. "

I was also on a reasonably high income for most of my career but didn't need to cut it in half because the ATO did it for me by taxing 42% of everything I earned (GST and other taxes likely took it to at least 50%).

Kevin
July 26, 2025

Nah. I get a bill every quarter,what was called provisional tax.The franking credits don't cover the tax that should be paid on the gross income. The current one is payable by 28 July.I paid it last week . 6 figures a year in tax,no pension ,no CSHC card or whatever it's called.I'm still a bit disappointed that I'll never make it to paying 7 figures a year in tax.

Brett
July 27, 2025

Please tell us how to cut taxable income so we can learn to do the same!

Tim
July 28, 2025

Negative gearing, mainly.

Wildcat
July 25, 2025

We need to move away from income tax. Get it from over 60% off tax receipts to the OECD average of 34%. Increase the gst, broaden the base (compensate bottom 20%), remove refundable franking credits, drop Div 296 to $2m, index it and remove tax on unrealised gains. Then the country will be fairer. Won’t happen of course.

Then we might have a fairer system.

Dudley
July 25, 2025

"Then we might have a fairer system.":

'Fairer' for those with large incomes and small expenses, for whom only flat tax would be 'fairer'.
'Fairer' if those with small incomes and large expenses toughened up.

Wildcat
July 25, 2025

As I said compensate the bottom 20%. What about that is not clear to you

Dudley
July 25, 2025

"As I said compensate the bottom 20%.":

They are already compensated by receiving more in welfare than they pay in tax and pay no GST on food; effectively paying them to eat.

"remove refundable franking credits":
Taxing "the bottom 20%" at 30% on their dividends would be 'fair' considering their food would be 'free'.

Paul
July 25, 2025

Also of interest would be the overall income including all social benefits attributable to each of the above cohorts. That would present a better overall picture of the fairness or otherwise of the whole system. In addition, earnings by gender and profession, adjusted for hours worked per annum, if it were possible somehow, would be very interesting.

Vee
July 26, 2025

I've always wanted to know this.
Add in all government benefits and then calculate the % of tax paid and then let's see what is actually equitable.
I am of the opinion that the current wealthy are now the "slaves" of the 21st Century, with the majority of that small cohort paying to keep non-workers and low income workers fed and housed, more so that they dont have to work if they choose not to. Think about that with an open mind.
I fail to understand that 50% of our population earns most of their income from the government (aka tax payer) handouts. There cannot possibly be so many people needing assistance. Most are able minded and bodied, surely.

Luke
July 27, 2025

Agree with you Vee. As someone who's a self employed farmer, we are the slaves of the 21st century. Often selling goods at below our cost of production. b98% of the total wealth generated by us is from capital gains, the other 2% from cashflow. When the day comes to sell the farm, I'm looking for every cgt discount and tax deduction available. Wages are too high, we compete with other industries for workers.
I enjoy farming, but buying a farm and paying it off is almost impossible. With current lamb prices, it's become a bit easier, but ppl are moving out of sheep farming in droves due to the economic fundamentals. In the end farming is a large property investment portfolio, you work your balance sheet through leverage and try to build off farm wealth. The cash payday happens once you sell up.

Beamer
July 25, 2025

the 15% earning more than $120,000 accounts for 68% of the net tax collected by the ATO.

This shows just how unfair our tax system is, hence I'm looking for every loophole there is to minimise tax.

Luke
July 25, 2025

Beamer, I think it should read 58%, adding the numbers in the charts. Not quite so "unfair" as if it was 68%, then.

James Gruber
July 24, 2025

CC,

Re CEOs, my guess that it includes all the small businesses with CEOs/MDs. If right, the figure would make more sense.

On anaesthetists, yes, it does seem low.

Dudley
July 24, 2025

I'm MD. My taxable income is less than my tax free threshold, which is less than my non-taxable income.

Dudley
July 24, 2025

My "non-taxable income" is actually not income, it is capital withdrawn from Super.

CC
July 24, 2025

There must be a lot of very clever accounting going on if you think the average CEO earns less than $200K....
I also know for a fact that full time Anaesthetists and other Medical specialists make more than stated there, so perhaps the figures include part timers

davidy
July 24, 2025

The above number of CEOs is 231,000 so that includes a lot of people outside the ASX 200, hence the 'average' income of $195k

Greg
July 26, 2025

I suspect the medico's have a few deductions from gross income to get to those taxable income averages, and some cleverly rigged accounting ploys to help with structures too.

 

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