If you’re looking for the average salary in Australia, chances are you aren’t the only one. For some of us data is king, and we want to know how we stack up against those around us. Average weekly earnings, averages salaries and our average annual salary tend to be the first metric we pay significant attention to.
Thanks to the Australian Bureau of Statistics information about an average wage, median salary and minimum salary are readily available. Every year they reveal the answers to all our income-related questions and we’ve collated an updated version for you to have a look at.
Average Salary in Australia at a Glance
The average yearly salary in Australia is AUD $71,113 according to the November 2022 data provided by the Australian Bureau of Statistics (ABS).
Average Australian Weekly Salary: AUD $1,808 per week (an increase of 3.4% on May 2022)
Average Australian Taxable Annual Income: AUD $94,016
Average Australian Annual Superannuation: AUD $9,872
Average Australian Annual Taxation: AUD $22,903
Top Five Weekly Salaries Broken Down By Industry
According to the Australian Bureau of Statistics:
Mining: AUD $2,812 per week
Manufacturing: AUD $1,583 per week
Electricity, Gas and Water services: AUD $2,098 per week
Construction: AUD $1,786 per week
Wholesale Trade: AUD $1,678 per week
Top Five Highest Salaries Broken Down By State
According to the Australian Bureau of Statistics
ACT: $2,019 per week
WA: $1,989 per week
Queensland: $1,761 per week
South Australia: $1,658 per week
Western Australia: $1,989 per week
Average Australian Salary by Age Overview
Age has a significant impact on salaries in Australia. For example, casual employees receive a wage according to their age – the younger they are, the lower the pay. According to the ABS, between 45 and 54 is when you are earning the most. Young individuals evidently suffer when it comes to wages, which can be attributed to job types, as young individuals often rely on occasional work while they study. However, a leading research analyst at the University of Sydney, Damien Oliver, suggests there may also be aspects of discrimination at play. “There is plenty of evidence to show that the labour market is strong and sophisticated enough to promote employment opportunities for young people without resorting to discrimination,” he writes. This information supports the growing theme of an increasingly hostile environment for many young millennials in the Australian workforce. For example, the average salary for persons under 20 is the lowest, which is about 7 per cent of Australia’s labour force. The average wage earned by those aged 21-34 is also relatively low. Wages will increase with age, however, you’ll need to monitor the varied minimum wage expectations set by Fair Work.
Gender Pay Gap Broken Down By Industry
According to the Australian Bureau of Statistics: The gender pay gap is 10%.
Women make up the majority of part-time employees 69 per cent.
Women earn less than men in every industry.
The average weekly earnings for full-time Males is AUD $2,091
The average weekly earnings for full-time Females is AUD $1,857
The average of women earn 10% less than men.
Key Australian Salary Trends
According to the Australian Bureau of Statistics:
The median hours worked in Australia was 38 hours per week.
There was an annual increase in full-time average earnings of 3.4 per cent.
The top three reported occupations were Sales Assistants, Registered Nurses and General Clerks.
The national median personal income has increased to $805 since 2016.
Employee income was the largest income category at 88% of total personal income
Total personal income was $983.0 billion
Calculate Your Weekly Australian Tax
The Australian government offers a weekly tax table tool, which helps work out salaries, taxes, and everything in between. To use this table, you need to work out the withholding amount. Start by calculating your employee’s total weekly earnings and add any allowances and irregular payments to be included in this week’s pay to the normal weekly earnings, ignoring cents. Use the appropriate column to find the correct amount to withhold. If your employee claims the tax-free threshold, use column 2 or column 3 if not.
Key Terms Explained
Total Personal Income: This refers to the sum of all income earned by individuals within a specified period.
Median Personal Income: The median personal income is the middle point in a distribution of personal incomes, where half of the individuals earn more and half earn less.
Employee Income: Employee income refers to the earnings received by individuals through employment. It includes wages, salaries, bonuses, tips, and other forms of compensation for work performed.
How The Gender Pay Gap Is Calculated According to ABS
We start by looking at the earnings of males and females separately.
Let’s say males earn an average of $1000 per week and females earn an average of $900 per week.
To calculate the gender pay gap percentage, we subtract the earnings of females from the earnings of males. In this case, it would be $1000 – $900, which equals $100.
Then, we divide the result from step 2 (which is $100) by the earnings of males ($1000) and multiply it by 100.
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Source: MANOFMANY