Are you curious about how much you need to earn in Australia to be considered above average? Well, look no further! In this post, we’ll explore the current median income in Australia and what it takes to surpass that threshold. Whether you’re starting your career or looking for a raise, this information will give you a better understanding of where you stand financially in comparison to the rest of the country. So let’s dive into the numbers and see what it truly means to be “above average” in Australia.
The average wage in Australia
In Australia, the average wage is $108,742 gross per year. This means that if you earn more than this amount, you are above average. The average wage has increased by 2.1% over the past year, and is expected to continue to rise in the future.
There are a number of factors that contribute to the average wage in Australia. One of the most important factors is the cost of living in Australia. The cost of living has been rising steadily in recent years, and this has had a direct impact on wages. Another important factor is the size and strength of the economy. When the economy is doing well, businesses are able to offer higher wages to attract and retain employees.
Despite these factors, there are still many people who are struggling to make ends meet on the average wage. This is because they may have high levels of debt, or they may be working in low-paid jobs. In order to improve their financial situation, they may need to find ways to increase their income or reduce their expenses.
How this has changed over time
In Australia, the average wage has increased significantly over the past few years. In order to be considered above average, you now need to earn more than $120,000 per year. This is a significant change from a few years ago, when the average wage was only $75,000 per year.
The increase in the average wage has been driven by a number of factors, including inflation and economic growth. As the cost of living increases, wages must also increase in order to keep up. Additionally, as the economy grows and more jobs are created, workers are able to demand higher wages.
So what does this mean for Australians? Well, it means that if you want to maintain your standard of living or improve it, you need to be earning more than $120,000 per year. It also means that businesses need to be prepared to pay their employees more in order to attract and retain talent.
The cost of living in Australia
The cost of living in Australia has risen significantly in recent years. The average weekly household expenditure is now $2,004, up from $1,839 in 2013. This increase is largely due to increases in the cost of essential items such as food, housing and utilities.
Food prices have risen by an average of 3.6% per year since 2013, while housing costs have increased by an average of 4.3% per year. These increases have outpaced wage growth, which has averaged 2.4% per year over the same period. As a result, many Australians are finding it increasingly difficult to make ends meet.
The situation is particularly difficult for low-income households. In 2016, almost one in five households (19%) were living below the poverty line – defined as having an income less than 50% of the median income – up from 16% in 2013. This increase is largely due to rising housing costs, which have made it increasingly difficult for low-income earners to afford a place to live.
There are a number of government assistance programs available to help Australians struggling to cope with the cost of living. However, these programs are often underfunded and fail to meet the needs of those who need them most. As a result, many Australians are struggling to get by on a day-to-day basis.
What you need to earn to be considered above average
If you want to earn more than the average wage in Australia, you’ll need to make at least $108,000 a year. That’s according to new data from the Reserve Bank of Australia (RBA), which shows that’s the minimum salary you need to earn to be considered “above average”.
The RBA’s figures are based on data from the Australian Bureau of Statistics (ABS), which show that the median full-time wage was $85,000 in 2017-18. That means half of all workers earned less than that amount, and half earned more.
So if you want to be in the top 50% of earners, you’ll need to make more than $127,000 a year. Of course, there will always be people who earn less than that and people who earn more. But if you want to be considered “above average”, that’s the salary you’ll need to aim for.
Conclusion
We have discussed the details of what you need to earn in Australia to be considered above average. From our research, it is clear that many Australians are doing well financially and the median salary is steadily increasing over time. It’s important to remember though, that earning an above-average wage doesn’t necessarily guarantee you a comfortable lifestyle – things such as cost of living, debt and other personal circumstances can all play a part here. The best way to ensure your financial security is by planning for the future by regularly saving and investing wisely.