Which Australians earned the most last year?

New earnings data from the Australian Bureau of Statistics (ABS) revealed which Australians took home the greatest average pay. Taken literally, to maximise your pay, you should consider working in mining, being male, and working at the managerial level in the ACT.

Median earnings

In the reference period of May 2023, the median weekly cash earnings of Australian employees took home an average of $1,300. Among males, the median was $1,509; for females, it was $1,130. Compared with the previous release, whose reference period was May 2021, earnings have increased across all three categories.

In May 2021, median weekly earnings were $1,209 overall and $1,390 and $1,042 for males and females, respectively. It’s worth noting these figures are not representative of the gender pay gap as they have not been adjusted to account for other factors, such as how many hours each individual worked in the week.

By industry

1. Mining ($3,008.20)
2. Electricity, gas, water, and waste services ($2,350.70)
3. Information media and telecommunications ($2,172.60)
4. Finance and insurance services ($2,004.30)
5. Professional, scientific and technical services ($1,947.10)
6. Public administration and safety ($1,903.90)
7. Transport, postal and warehousing ($1,809.70)
8. Construction ($1,756.10)
9. Manufacturing ($1,644.40)
10. Wholesale trade ($1,613.40)

The industry rankings have changed somewhat since 2021. Most notably, while the top two (mining and electricity, gas, water and waste services) have held strong, information media and telecommunications has edged out finance and insurance services for the number three position.

Information media and telecommunications includes businesses in publishing, broadcasting, data processing, internet service providers, and far more. It’s a catch-all, and it accounts for 1.4 per cent of Australia’s workforce.

While this industry has been experiencing steady growth for at least a decade, it’s likely the results say more about Australia’s finance and insurance services sector, whose workers have been earning less on average since early 2022. While it’s impossible to definitively account for the trend, IBIS World said the national financial sector has been labouring under global economic pressures and concerns about the sustainability of the Chinese economy. That said, investor and business confidence levels are set to improve as inflation eases in the coming months and years.

By occupation

The national average weekly earnings for all occupations was $1,489.80; this was up from $1,394.10 in 2021. It still pays to be the boss, as managers were once again the highest-paid workers, according the ABS – taking home an average weekly pay of $2,712.40, followed by:

1. Professionals ($1,954)
2. Machinery operators and drivers ($1,631)
3. Technicians and trade workers ($1,614.20)
4. Clerical and administrative workers ($1,238.90)
5. Labourers ($1,022)

By state

By state, the ACT has once again edged out the competition with an average weekly cash income of $1,704.80. In second place came the Northern Territory at $1,656.20, followed by Western Australia ($1,612.10), and NSW ($1,511.80). Below the national average of $1,489.80 in weekly earnings, placed Victoria ($1,459.10), Queensland ($1,457.10), South Australia ($1,457.10), and Tasmania ($1,282.40).

In 2021, the rankings were identical, although the figures have changed. For instance, NSW’s lead over Victoria has narrowed by more than half, while Victoria has fallen below the national average in weekly earnings. If this seems conflicting, it’s explained away by the fact that NSW’s advantage over the national average has also narrowed.

By method of setting pay

Compared with the previous reporting period, employees are more likely to use individual arrangements when it comes to setting pay. In 2021, most female employees had their pay determined by a collective agreement, while now, both male and female employees are more likely to use individual arrangements at the national level.

The data shows “employees are taking the lead when it comes to negotiating their take-home income”, said Charles Ferguson, general manager at Globalisation Partners.

“Despite recent moves from some to provide transparency around salary bands, individually negotiated salaries make up an average of 38.7 per cent of contracts Australia-wide,” he added.