Yahoo Finance Average income for each Aussie age group revealed: 'From $40,000 to $103,900'
The average full-time worker is earning a staggering $100,016 per year but this figure can vary hugely depending on your age.
The average Aussie full-time worker is raking in a staggering six-figure yearly income. But this figure can vary hugely depending on your age and your gender.
Full-time workers are earning $1,923 per week before tax, the latest Australian Bureau of Statistics (ABS) data found, which works out to about $100,016 per year. Male workers are earning more on average at $2,014 per week, or $104,744 per year, while females are making $1,783 per week, or $92,706 per year.
Financial adviser Ben Nash has broken it down even further to reveal the average Aussie income across different age brackets for 2024.
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“If you’re aged 15 to 19, the average full-time income for a male is just over $40,000. For a female, it is just over $42,000,” he said.
“For you’re aged 20 to 24, for a male it is $61,000 and for a female, it is $62,000. For 25 to 34-year-olds, for a male, it's $83,200 and for a female $78,000 a year.”
Those aged in the 35 to 44-year-old age bracket reported the highest average full-time earnings out of everyone, with average male earnings surpassing the six figures.
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“Then 35 to 44-year-olds, for a male you’ve got $103,900 and for a female it’s $83,200. 45 to 54, for males it is $101,000 and for females $85,000.
“The 55 to 59-year-olds, you’ve got $96,600 for males and $83,300 for females. 60 to 64, for males we’ve got $86,800, for females we’ve got $72,800.
“And the 65 pluses, for males, it is $80,600 and for females it is a cool $78,700.”
How much does the average Aussie earn by age?
The figures were originally compiled by Canstar and are based on ABS median gross annual income data.
Age | Male | Female |
|---|---|---|
15 – 19 | $40,144 | $42,540 |
20 – 24 | $61,234 | $62,098 |
25 – 34 | $83,200 | $78,000 |
35 – 44 | $103,955 | $83,200 |
45 – 54 | $101,400 | $85,800 |
55 – 59 | $96,668 | $83,314 |
60 – 64 | $86,957 | $72,800 |
65+ | $80,670 | $78,773 |
Which industries are making the most money?
ABS also revealed which industries were pulling in the biggest earnings, with mining coming out on top with a $3,015 average weekly wage, or $156,780 per year.
Here’s a look at the top 10.
Mining: $3,015 per week, $156,870
Information media & telecommunications: $2,437 per week, $126,734 per year
Financial & insurance services: $2,283 per week, $118,726 per year
Professional, scientific & technical services: $2,245 per week, $116,761 per year
Electricity, gas, water & waste services: $2,244 per week, $116,678 per year
Public administration & safety: $2,036 per week, $105,877 per year
Education & training: $2,026 per week, $105,373 per year
Health care & social assistance: $1,902 per week, $98,925 per year
Transport, postal & warehousing: $1,893 per week, $98,446 per year
Construction: $1,821 per week, $94,734 per year
Six-figure salary not what it used to be
Aussies earning the average annual full-time salary of $90,000 at the start of the cost-of-living crisis would now need to earn $107,730 today to keep up with inflation.
That’s around $7,700 more than what the average Aussie is actually earning now and more than what Aussies of various age brackets are pulling in.
Finder personal finance expert Sarah Megginson told Yahoo Finance that all day-to-day living costs had been hit by rising prices.
“No matter where you live, you would have been better off three years ago earning $90,000 than you are today, earning $100,000 because inflation over that time has well outpaced a normal level,” she said.
"I definitely think earning $100,000 is not what it was cracked up to be a few years ago."
Megginson said it was important to note that the ABS figures were based on the average income, rather than the median which strips out very high and low earners.
"A lot of people could see this and think, 'Oh my gosh, the average wage is six figures. Does that mean because I'm earning under six figures, I'm well behind the average?', and that's not the case," she said.
"Most Australians are living with a wage that's well under that six-figure point. So I think that's a really important distinction."
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