Postcode 2027 had ranked as Australia’s highest earning postcode since 2009/10, but in the latest statistics it also ranked behind Melbourne’s 3142, where the 10,044 filers in Hawksburn and Toorak made an average of $193.904.
Palm Beach’s 2108 postcode – which also includes Scotland Island, Coasters Retreat, Great Mackerel Beach and Currawong Beach – hadn’t even been on the list of the top-earning postcodes in Australia in the last few years.
ATO deputy commissioner Louise Clarke said the shift “probably reflects the change in demographics and income changes”.
David Edwards, principal of LJ Hooker Palm Beach and a lifelong resident, said a “substantial trend in the last few years” of turning Palm Beach holiday homes into principal residences could be responsible for the change.
In 2008/09, the postcode 3944 – the Mornington Peninsula suburb of Portsea – was the top-earning postcode, with an average income of $197,987, but 2027 had held the top spot since.
The ATO statistics showed that in 2016/17, 6011 was the richest postcode in Western Australia. The 6,431 tax filers living in Cottesloe and Peppermint Grove on Perth’s western suburbs made an average of $155,264.
In the ACT, the 2603 postcode was richest, with 6,650 tax-filers in Forrest, Griffith, Manuka and Red Hill earning an average of $110,394. In Queensland, 4007 took the top spot, with 9,278 residents of Ascot, Hamilton and Hamilton Central in northeast Brisbane earning an average of $107,478. South Australia’s top postcode was 5061, where 6,587 residents of Hyde Park, Malvern and Unley in inner-southern Adelaide made an average of $93,871.
In the Northern Territory, the 885 residents in the mining town of Alyangula – postcode 885 – made an average of $83,343. Tasmania’s top postcode was 7258, where the 571 residents of the Launceston suburbs of Breadalbane, Relbia and White Hills made an average of $68,621.
And here’s the poorest
The nation’s lowest-earning postcode was 2308, covering Newcastle University and Callaghan, with an average taxable income of $20,589. The second-lowest was 4611 in Queensland, where Marshlands and Mondure residents earned an average of $23,225.
The report also showed that surgeons were once again the top-earning profession, making an average of $394,866. Anaesthetists came second, earning $367,343 on average.
Out of 1,100 occupations recorded, there were 72 jobs where women made more than men, including authors, future traders, magistrates, professional surfers and illustrators.