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<\/p>\nHere\u2019s a hint: it\u2019s not in Sydney anymore. So what is Australia\u2019s richest postcode now?<\/p>\n
Sydney\u2019s harbourside suburbs have lost a title they had held for years. According to tax data released by the Australian Taxation Office this week, the highest-earning postcode in the country is now 3944, the Mornington Peninsula enclave of Portsea, south of Melbourne.<\/p>\n
The ATO called it \u201cthe first time Victoria has had the highest-earning postcode.\u201d<\/p>\n
Residents of 3944 reported an average taxable income of $321,988 in the 2023-24 financial year, the most recent year for which the ATO has published returns. <\/p>\n
That was enough to overtake the Sydney-harbourside crown jewel postcodes that have long owned the top of this list. The eastern-suburbs postcode of 2027, which takes in Point Piper and Darling Point, led the previous year\u2019s table with an average of $279,712.<\/p>\n
Portsea has been a summer retreat for Melbourne\u2019s wealthy for generations, a cluster of clifftop estates at the tip of the Mornington Peninsula.<\/p>\n
One thing is worth keeping in mind about how this list is built. It is an average of everyone who lodged a return in the postcode, and a place like Portsea has relatively few permanent residents, so a small group of high earners can lift the whole postcode to the top. It measures who files their taxes there, not what the typical household down the road brings in.<\/p>\n
What else the tax data shows<\/p>\n
Beyond the postcode race, the 2023-24 figures run in the same direction as recent years, with incomes and retirement savings both edging higher.<\/p>\n
Surgeons are still the country\u2019s highest-paid workers, a position they have held for the past 15 years. The 4,280 surgeons who lodged returns reported an average taxable income of $519,998, well clear of every other occupation.<\/p>\n
Retirement balances grew too. The average superannuation account rose from $173,000 in 2022-23 to $183,000 in 2023-24.<\/p>\n
The ATO\u2019s figures always run a couple of years behind, drawn from returns that have already been lodged and processed. That makes 2023-24 the freshest national picture available, until next year\u2019s release.<\/p>\n
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