Data from the Australian Taxation Office (ATO) has revealed the highest paying jobs in Australia. There is no room for admiration in guessing which industry will come out on top. Neurosurgeons are listed as the country’s top earners, with doctors earning an average salary of over AUD 600,000 per year. Many other health and medical professionals also made the list of highest paying occupations, compiled based on the tax returns of over 14 million Australians in 2020-2021.
Overview of Australia’s highest paying jobs
- Highest paying job: Neurosurgeon
Highest paying non-medical job: Financial Dealer
Highest paying industry: Mining
The Australian Bureau of Statistics (ABS) has revealed that the health sector is clearly leading the way. Australia’s highest paid workers earn up to six times more than the average Australian, with anaesthetists, financial traders and psychiatrists not far behind. According to the Australian Taxation Office, here is the list of the highest paying jobs in Australia:
1. Neurosurgeon
Average Salary: 600,000 AUD
Unsurprisingly, surgeons top the ATO’s list of highest-paid professions, with an average annual salary of 460,356 AUD. But neurosurgeons reportedly earn much more. According to data from Monarch Institute and the Institute of Economic Research, neurosurgeons in Australia can earn up to $600,000 a year. This figure is about six times the average salary in Australia. However, the salary doesn’t come without merit.
Neurosurgeons are medical doctors who specialize in the diagnosis and surgical treatment of nervous system diseases and are some of the most brilliant minds. Their research focuses on problems of the brain, spine, spinal cord and peripheral nerves and may also include treating brain tumours, spinal cord injuries, aneurysms and epilepsy.
The path to becoming a neurosurgeon in Australia is long and competitive. The process typically takes more than 15 years. Aspiring neurosurgeons must complete medical school, followed by an internship and residency, before beginning postgraduate specialist training.
2. Anaesthetist
Average Salary: 431,193 AUD
The second highest paying occupation in Australia is anaesthetist, with an average salary of approximately 431,193 AUD per year. Like neurosurgery, anesthesia is a highly specialised medical practice that requires advanced education, training and experience. In its simplest form, this position involves administering anesthetic drugs to manage pain and caring for patients before, during and after surgery. Anaesthetist play a vital role in keeping patients safe and healthy during delicate and often life-threatening medical procedures.
To become an anaesthetist, you must complete medical school, internship, residency, and training in anesthesia before joining a fellowship at the Australian and New Zealand College of anaesthetists. The lengthy study and application process can take up to 10 years, and all qualified anesthesiologists must undergo ongoing training to maintain their knowledge and keep up to date with the latest advances in the field. This may be why there are only 3,535 registered anaesthetists in the country, according to ATO data.
3. Financial Trader
Average Salary: 373,733 AUD
It makes sense that those who want to make money in this business know how to do it. Not surprisingly, financial traders are among the country’s highest paid workers, with an average annual salary of AUD$373,733, according to ATO statistics. However, this salary comes with significant risk, as the profession is regularly exposed to economic change, market liquidity and shifting regulatory conditions.
In the broadest sense, a financial trader processes financial market transactions on behalf of clients and provides advice on financial matters. These employees buy and sell commodities and securities to make profits on their behalf, monitor financial markets, and use capital in trading. The role requires extensive knowledge of financial markets, trading strategies, and consumer behavior. To become a financial trader, you will need a university degree in finance, economics, or actuarial science and work your way up from a junior trader/analyst to a portfolio manager, proprietary trader, and eventually head of a trading desk.
4. Internal Medicine Specialist
Average Salary: A$340,729
The name “Internal Medicine Specialist” is vague and unnecessarily general. It may be confusing, but in reality, the term simply refers to people who work to prevent, diagnose, and treat diseases of the internal organs. These specialists are often general practitioners, but they may also work in hospitals or clinics and specialize in complex conditions that affect the internal organs.
Importantly, the job requires in-depth knowledge of the inner workings of the body in relation to other health systems. Problems in one area can lead to complications in another, so internal medicine specialists closely examine how all the systems work together. According to the latest data, there are a total of 10,329 workers classified as internal medicine specialists in Australia, making it one of the largest groups on this list
5. Psychiatrist
Average salary: $276,545AUD
Psychologists should not be confused with psychiatrists. While psychologists can provide interventional treatment to maintain psychological health, psychiatrists can prescribe medications for treatment. Psychiatry is the branch of medicine concerned with the diagnosis, treatment and prevention of mental, emotional and behavioural disorders. A psychiatrist’s education and clinical training helps them understand the relationship between mental and medical illnesses and their association with genetics, and work with patients to prescribe medications and interventional treatment plans.
6. Other Health Professionals
Average salary: AUD 255,754
There are many occupations that fall under the category of “Other Health Professionals”. These include Dermatologists, Emergency Physicians, Obstetricians/Gynaecologists, Optometrists, Pathologists, Radiologists and Oncologists. All professions provide diagnostic medical services, treat patients with acute and emergency illnesses and injuries, and provide curative and preventive medical and surgical services related to illness, injury or defect.
7. Mining Engineer
Average salary: AUD$214,365
In Australia, mining is big business and typically commands big salaries. This is especially true for mining engineers, who are responsible for the design, development and feasibility of the mining process. According to ATO statistics, the average salary for a mining engineer in Australia is just over AUD$200,000, which is almost double the average salary in Australia.
In this role, engineers prepare for operations, estimate project costs, develop production plans, report on progress, apply appropriate mining techniques, and assess the natural, technical, financial, and safety risks of the project. It’s a highly technical job aimed at minimizing risks and improving efficiency. Above all, mining engineers often lead large projects, coordinating different teams and stakeholders and ensuring projects progress on time and within budget.
To become a mining engineer, you’ll need to earn a bachelor’s degree in mining engineering before completing an internship or finding a job straight after graduation. From here, you can expect to work with a mining engineer for several years before moving up the ladder. Additionally, some large projects may require advanced studies, such as a master’s degree in mining engineering, geotechnical engineering, or a related field.
8. Judicial or other legal professions
Average salary: AUD$204,934
Working in the judicial system or as a legal professional is not necessarily a rewarding job, but with a Juris Doctor (JD) law degree it certainly can be rewarding. This legal profession specialization involves the study of all the areas of knowledge required for admission to practice as a lawyer in Australia.
These careers are only accessible through a Juris Doctor degree program, offering a pathway into the legal profession to graduates with non-law degrees or overseas law degrees. These enable you to analyse, research, write and apply the skills of a lawyer, focusing on the international and cross-border aspects of the practice of law. In Australia, JD holders typically pursue careers as lawyers, solicitors, legal advisers or in a range of non-traditional roles requiring extensive legal expertise.
9. CEO or Managing Director
Average salary: AUD 197,720
The Chief Executive Officer (CEO) is the most senior executive in a company, so it’s no surprise that people in this position earn a lot of money. In Australia, this role is responsible for making and leading all key business decisions while managing the entire operation and driving strategic goals. To use a cliché analogy, the CEO is the captain of a ship and under his leadership the company moves forward.
Financial growth is the goal of most businesses in Australia, so it’s no surprise that CEOs and directors are tasked with increasing revenue. Their work leading marketing, business growth, and sales targets ultimately determines the company’s financial success, so they are generally well paid.
Unlike many other positions on this list of Australia’s highest paying jobs, the CEO position can come from almost any background. The typical career progression begins on the corporate side, with many CEOs rising through internal promotion. As a business expands or gains a reputation, they may be promoted to a leadership position such as COO or CFO before becoming CEO. However, this approach is more common in industries where operational or financial expertise is valued. There are more than 220,000 employees in Australia who hold CEO or Managing Director roles, making them the largest group in the ATO dataset.
10. Financial Investment Advisor or Manager
Average Salary: 185,834 AUD
With an average annual salary of 185,834 AUD, a financial investment advisor is one of the top 10 highest paying jobs in Australia. This highly specialised role involves managing both commercial and personal funds to build wealth over time. An experienced financial investment advisor should be able to provide individualised insights, create investment strategies and help manage assets such as stocks, bonds, real estate and pension funds.
To become a financial investment advisor, you will need a bachelor’s degree in a relevant field such as finance, economics, accounting or business administration. In Australia, in addition to the requirements of the Financial Adviser Standards and Ethics Authority (FASEA), financial advisers must also meet certain regulatory and educational requirements set by ASIC. They may then be required to obtain further qualifications such as a Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA).
Methodology
Each year the ATO publishes figures based on average taxable income, which provide key insights into the country’s income habits and industry ecosystem. The statistics compiled this year take into account the tax returns of over 14 million Australian workers, with the final results being based on taxable income earned directly from wages.
This information is supplemented by figures from the Australian Bureau of Statistics (ABS), which provide key information on the country’s unemployment rate, monthly working hours and economic trends.
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