In the realm of employment income across various industries, accommodation and food services are at the bottom of the spectrum, with a median income of just $22,270 annually. Similarly, those working in arts and recreation services earn a modest median income of $37,057 per year.
Despite these figures, employment remains the primary income source for the majority of Australians. However, there is a notable shift as more individuals are seeking additional financial avenues through investments. Currently, close to 12 percent of Australians derive income from investments, marking an increase from 11 percent in the previous financial year of 2021-22.
On the flip side, there is a slight decline in the number of people earning income from their own businesses, with figures dropping from 6.7 percent to 6.5 percent. This trend indicates a possible shift in the entrepreneurial landscape or market conditions impacting small business income.
Across the nation, the personal median income stands at $58,216, reflecting the diverse economic landscape of Australia. In contrast, mining continues to lead the pack with the highest median income of $149,362, followed by sectors such as electricity, gas, water, and waste services at $105,158, and information media and telecommunications at $92,300. These figures highlight the significant income disparities among different industries.
Overall, the total median income across all industries is reported to be $60,301, painting a picture of the varied economic fabric of the country. As the financial landscape continues to evolve, these statistics provide valuable insights into the shifting sources of income and economic opportunities for Australians.
Source: SBS News
Source: SBS News
The highest income inequality was recorded in Cottesloe, Perth, where 84 per cent of the income was received by the top 10 per cent of earners. The median income in Cottesloe was $83,861.
The median income in Walgett in 2022-23 was $43,197 a year, and in Flinders $56,165 a year.
Who has the highest incomes?
In every age group, men enjoyed higher median incomes compared with women.
In the 45 to 54 years age range, it was $95,400 for men and $68,570 for women.
