Data from the Australian Taxation Office (ATO) has revealed the highest-paying jobs in Australia and there are no prizes for guessing which industry leads the pack. Neurosurgeons have been named as the nation’s top earners, with the medical professionals taking home an average income of over AUD$600,000 per annum. A number of other professionals in the allied health and medical spaces were also named on the list of highest-earning professions, which was compiled based on tax returns collected from over 14 million Australians over the 2020-2021 period.
Highest Paying Jobs in Australia at a Glance
- Highest paying job: Neurosurgeon
- Highest-paying non-medical job: Financial Dealer
- Highest Paying Industry: Mining
With the average Australian pocketing around AUD$100,000 per annum, according to figures from the Australian Bureau of Statistics (ABS), the medical sector is significantly outpacing the pack. Australia’s highest-paid workers earn upwards of six times that of the everyday Aussie, with anaesthetists, financial dealers and psychiatrists not far behind. Here’s a list of the highest-paying jobs in Australia, according to the Australian Taxation Office.
RELATED: The average salary in Australia has ballooned to over $100k. Here’s an age breakdown.
1. Neurosurgeon
- Average salary: AUD$600,000
Unsurprisingly, surgeons came out on top in the ATO’s list of highest-paying professions with a reported average income of AUD$460,356 per annum, however, the subset of neurosurgeons reportedly earn far more. According to data from both the Monarch Institute and the Economic Research Institute, neurosurgeons in Australia can make up to $600,000 per year; a figure that roughly equates to over six times the average Australian salary. However, the salary doesn’t come without merit.
Specialising in the diagnosis and surgical treatment of disorders affecting the nervous system, neurosurgeons are among our best and brightest minds. Their work focuses on issues of the brain, spine, spinal cord, and peripheral nerves, and may involve the treatment of brain tumours, spinal cord injuries, aneurysms and epilepsy.
In Australia, the pathway to becoming a neurosurgeon is lengthy and highly competitive, with the process typically taking over 15 years to complete. Aspiring neurosurgeons must undertake an undergraduate medical degree, followed by an internship and residency, before moving into specialised postgraduate education and training.
2. Anaesthetist
- Average salary: AUD$431,193
The second highest-paying job in Australia is that of an anaesthetist, with the average salary sitting around AUD$431,193 per annum. Similar to neurosurgery, anaesthesiology is a highly specialist medical practice that requires a significant amount of training, education and experience. In its simplest form, the position relates to the administration of anaesthesia for the purposes of pain management, along with the care of patients before, during, and after surgery. Anaesthetists play a pivotal role in maintaining a patient’s safety and comfort during delicate and often life-threatening medical procedures.
To become an anaesthetist, you must complete an undergraduate medical degree, internship, residency and specialty training in anaesthesia before undertaking a fellowship at the Australian and New Zealand College of Anaesthetists. The lengthy study and application process can take upwards of 10 years to complete with all qualified anaesthetists required to engage in continuous professional development to maintain their knowledge and stay updated on the latest advancements in the field. It may be why there are only 3,535 registered anaesthetists in the country, according to the ATO data.
3. Financial Dealer
- Average salary: AUD$373,733
It makes sense that those in the business of making money understand how to earn it. The ATO’s statistics unsurprisingly found that financial dealers are among the nation’s top-paid employees, earning an average of AUD$373,733 per annum. That salary doesn’t come without enormous risk, however, with this occupation regularly falling to the mercy of economic change, market liquidity and shifting regulatory conditions.
In a broad sense, financial dealers wrangle with financial market transactions on behalf of clients and offer advice on financial matters. These workers buy and sell commodities and securities for profit under their name, monitoring the financial marketplace and using their capital for transactions. This role requires deep expertise in the financial market, trading strategies and consumer behaviour. To become a financial dealer, you will have to complete a degree in finance, economics or actuarial studies at a university, working your way up from junior trader/analyst to portfolio manager, proprietary trader and then head of trading desk.
4. Internal Medicine Specialist
- Average salary: AUD$340,729
With a name that is vague and needlessly broad, Internal Medicine Specialists may seem enigmatic, but in reality, the term simply refers to those who deal with the prevention, diagnosis, and treatment of internal diseases. These specialist medical providers are often primary care physicians, however, they may also work in hospitals or clinics, focusing on complex illnesses that affect internal organs.
Importantly, the job requires an in-depth knowledge of the body’s inner workings as they relate to other medical systems. Internal medicine specialists take a close look at how all the systems work together because a problem in one area could cause complications in another. According to the latest data, there is a total of 10,329 workers categorised as Internal Medicine Specialists in Australia, representing one of the largest groups on the list
5. Psychiatrist
- Average salary: AUD$276,545
Don’t get psychologists and psychiatrists mixed up. While psychologists can offer interventional treatment to help maintain mental well-being, psychiatrists have the ability to prescribe medication for treatment. Psychiatry is the branch of medicine focused on the diagnosis, care and prevention of mental, emotional and behavioural disorders. A psychiatrist’s education and clinical training help them get their heads around the relationship between emotional and medical illnesses and the relationships with genetics and work with patients to prescribe medicinal remedies/or interventional treatment plans.
6. Other Medical Practitioners
- Average salary: AUD$255,754
There are quite a number of professions that fall under the “other medical practitioners”. These include dermatologists, emergency medicine specialists, obstetricians and gynaecologists, optometrists, pathologists, radiologists, and oncologists. All professions provide diagnostic medical services, manage patients with acute and urgent illness and injury and treatment and preventative medical and surgical services related to diseases, injuries and deficiencies.
7. Mining Engineer
- Average salary: AUD$214,365
In Australia, mining is big business, and that typically leads to enormous pay cheques. In the case of mining engineers, the people responsible for the design, development and feasibility of the extraction process, this is especially true. The ATO statistics suggest that the average salary of a mining engineer in Australia is just over AUD$200,000, almost double that of the average Australian.
In this role, the engineers work to prepare operations, estimate project costs, tally up production schedules, report progress, apply appropriate mining techniques, and assess the natural, technical, financial and safety risks associated with the project. It is a highly technical profession that is deeply concerned with mitigating risk and improving efficiency. Most notably, mining engineers often manage large projects, coordinating between different teams and stakeholders, ensuring the project progresses on time and within budget.
To become a mining engineer, you will need to complete an undergraduate degree in mining engineering, before undertaking an internship or stepping straight into graduate employment. From here, you can expect to work alongside mining engineers for a number of years before being promoted. Additionally, some major projects may require you to complete further studies, such as a Master’s degree in Mining Engineering, Geotechnical Engineering, or a related field.
8. Judicial or Other Legal Professionals
- Average salary: AUD$204,934
Working in the judicial system or legal professional doesn’t always generate a high income, however, those with Juris Doctor (JD) professional law degree certainly do. This specialised branch of the legal profession includes the study of all the required areas of knowledge for admission to practise law in Australia.
These professions can only be accessed through the JD course, and are a pathway to the law profession for graduates with non-law degrees or those with law degrees from overseas. They enable you to analyse, research, write and practise advocacy skills and focus on international and transnational aspects of law for legal practice. In Australia, individuals with a JD typically pursue careers as solicitors, barristers, legal consultants, or in various non-traditional roles that require deep legal expertise.
9. CEO or Managing Director
- Average salary: AUD$197,720
The most senior executive in an organisation is the chief executive officer (CEO), so it makes sense that those in this position are making significant income. In Australia, this role is responsible for making and leading all major corporate decisions, whilst also managing overall operations and driving strategic objectives. To use a tired analogy, the CEO is the captain of the ship and it is under their guidance that the organisation moves forward.
With financial growth the goal of most businesses in Australia, it’s no surprise that CEOs and managing directors are tasked with revenue amplification efforts. Their work directing marketing, organisational growth, and sales targets will ultimately dictate the company’s commercial success, and as a result, they are generally paid handsomely.
Unlike many of the roles on this list of highest-paid jobs in Australia, a CEO can come from almost any background. The general career progression will start on the corporate side, with many CEOs rising through the ranks via internal promotions. As the business expands or their stature grows, they may move into C-suite roles, such as COO or CFO, before becoming CEO, however, this pathway is typical in industries where operational or financial expertise is valued. In Australia, there are more than 220,000 workers in CEO or managing director roles, representing the largest group in the ATO data set.
10. Financial Investment Advisor or Manager
- Average salary: AUD$185,834
With an average salary of AUD$185,834 per annum, financial investment advisors round out the top 10 most lucrative professions in Australia. This highly specialised role involves managing funds, both commercial and personal, to grow incremental wealth. A skilled financial investment advisor should be able to provide personalised insights, create investment strategies, and assist with managing assets such as stocks, bonds, real estate, and retirement funds.
To become a financial investment advisor, you will need to complete an undergraduate degree in a related field, such as Finance, Economics, Accounting, or Business. In Australia, financial advisors are also required to meet specific regulatory and educational requirements set by ASIC, alongside the Financial Adviser Standards and Ethics Authority (FASEA) Requirements. From there, you may need to secure advanced qualifications, such as Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA).
Methodology
Each year, the ATO releases figures based on average taxable income, revealing key insights into the nation’s earning habits and industrial ecosystem. This year, the statistics compiled take into account tax returns from over 14 million Australian workers, with the final results based on taxable income directly earned through salary.
This information is further compounded by figures provided by the Australian Bureau of Statistics (ABS), which outlined key information related to the nation’s unemployment rates, monthly hours worked and economic trends.
Employment Rates and Trends
The most recent data from the ABS revealed that seasonally adjusted monthly hours worked rose by 0.4 per cent, in line with the 0.4 per cent increase in employment, while the seasonally adjusted unemployment rate rose 0.1 percentage point to 4.2 per cent in July 2024. According to Kate Lamb, ABS head of labour statistics, this result signals a high demand for work and employment growth.
“The employment and participation measures remain historically high while unemployment and underemployment measures remain historically low, compared with what we saw before the pandemic. This suggests the labour market remains quite tight,” Lamb said.
“Although the unemployment rate increased by 0.1 percentage point in each of the past two months, the record high participation rate and near record high employment-to-population ratio shows that there continues to be a high number of people in jobs, and looking for and finding jobs. While unemployment increased to 637,000 people in July, the highest it has been since November 2021, it remains around 70,000 people below its pre-pandemic level.”
How Much Does the Average Australian Earn?
As outlined in the ABS’ Earnings and Working Conditions report, the average Australian salary is $1,923.40 per week or $100,016.80 annually. If that figure seems abnormally high, you’d be right. The data collected provides a slightly skewed distribution with a long tail, or in simpler terms, there’s a small number of high-paid employees that skew the average Australian salary higher.
The report also outlines that mining, and not medicine, remains the highest-paying sector with an average salary of $3,015.30 per week. Meanwhile, the electricity, gas, water and waste services sector remains lucrative, with males earning an average of $2,307.10 per week and females earning $2,033.30 per week. For more information on the average Australia salary, including a breakdown via age, sector and state, check out our comprehensive guide.
Citations
- Australian Bureau of Statistics. (2024, July). Labour Force, Australia. ABS. https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/latest-release.
- Australian Taxation Office. (2024, July). Taxation statistics 2021–22. ATO. https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Taxation-statistics/Taxation-statistics-2021-22
- Australian Bureau of Statistics. (2024, May). Labour Force, Australia. ABS. https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/latest-release.
