There's no single salary for happiness in Australia, but research suggests a wide range, from around $90,000-$120,000 for basic emotional wellbeing (where stress lessens) to significantly higher figures, like $170,000-$190,000, for feeling "fully happy" or financially comfortable, with rising costs pushing perceived needs up, though some studies show happiness plateaus after a certain income. Factors like location (major cities cost more) and personal goals heavily influence what's needed.
Another quirky analysis in 2023 tried to put a price tag on “100% happiness” for Australians, factoring in our high living costs. It found that to be “fully happy” in Australia, you'd need an annual income of around A$190,000. That made Australia one of the most expensive countries in the world for happiness.
How much do you need to live comfortably in Australia? Living comfortably in Australia varies greatly depending on factors such as location, lifestyle and personal preferences. As a general guide, a single person living outside of a major city would need an annual income of $70 - $80k per annum or $5,800+ per month.
According to ABS data, just 2.61 million Aussies – or about 10 per cent of the population – earn $100,000 or more a year. Many people will never reach a six-figure income in their working lives.
Kahneman and Deaton found that happiness increased with income, but only to a point — there was no further progress beyond about $75,000 ($108,000 in today's dollars).
While no definitive figure universally defines a good salary, a commonly cited range is between $75,000 and $100,000 annually for individuals.
They wanted to know if earning more money actually makes us happier. And what they found was fascinating. The research suggested that, yes, money does buy happiness... but only up to a point. And that "point" was around $75,000.
While exact real-time figures vary, estimates from around 2025 suggest approximately 400,000 to over 500,000 Australians held over $1 million in superannuation, with about 2.5% of the population reaching this milestone as of mid-2021, a figure that has likely grown with strong investment returns, though many more hold significant balances and millions are projected to reach this goal by retirement, especially men.
Most Americans Earn Far Less Than $100k
According to last year's YouGov data, only 18% of U.S. adults earn more than $100,000 annually. And the biggest earners are mostly men—25%—and those aged 35 to 44—25%. For comparison, just 12% of women make six figures.
The middle class falls in-between. In 2022 the median income in Australia was $65,000 a year according to the Australian Bureau of Statistics. Anyone making less than this amount would be considered working class. Anyone making more than $137,000 falls in the top 10% which is considered upper class.
$500,000 in Australian retirement can last anywhere from 10-15 years for high spending ($40k-$50k/yr) to 20+ years if supplemented by the Age Pension and lower spending ($30k/yr), depending heavily on your age, lifestyle, investment returns (3-7% p.a. for 10-20 years), and if you qualify for the Age Pension. Expect 10-13 years at $50k/year or 17-20 years at $30k/year if you're 60, but combining it with the Age Pension at 65+ significantly extends its life, potentially covering expenses until 90-95.
The average Australia needs to earn nearly $400,000 a year to feel rich, which is a 'far cry' from what the average person is actually putting away. For many Australians, earning a six-figure salary used to mean you had “made it” and were well-off in your career.
Adelaide is often regarded as the cheapest place to live in Australia, with lower living costs compared to major cities. Regional areas are becoming more popular due to remote work opportunities, making them affordable choices.
Audiologist. An audiologist is a qualified healthcare professional who works with people with hearing impairments. It's reportedly one of the least stressful jobs in Australia, noted for good growth potential, low risk, clear job expectations, no deadlines and no physical labour.
The happiest jobs are real estate agents (4.2 out of 5 job satisfaction rating from Career.io) and surgeons (ranked most meaningful job by Payscale). Roles with the highest reported job meaning are surgeons (96%) and physical therapists (90%).
On average, respondents said they would have to earn around $74,000 to feel financially satisfied — although nearly 1 in 5 stated they'd require at least six figures to enjoy their lifestyle comfortably.
People earning £100,000 or more a year typically positioned themselves in the top 52 per cent relative to the rest of the population, which is just above average. In fact, they are almost right at the top of the earnings tree.
At least 20% of your income should go towards savings. Meanwhile, another 50% (maximum) should go toward necessities, while 30% goes toward discretionary items. This is called the 50/30/20 rule of thumb, and it provides a quick and easy way for you to budget your money.
Most In-Demand Skills for 2026 and Beyond
You can retire on $1 million dollars at any age. This amount can provide you with an income of around $40,000 per year, increasing with inflation, indefinitely – without the need to draw down in the capital amount – meaning you will still have $1 million (in today's dollars) in capital at the end.
The top ten financial mistakes most people make after retirement are:
Happiness is more fulfilling: Wealth can provide us with many material comforts, but it cannot guarantee us happiness. Some studies have shown that beyond a certain point, more wealth does not lead to more happiness, but to more problems and dissatisfaction.
You can live on $1,000 a month by making a bare-bones budget, prioritizing your necessary expenses, and cutting costs wherever you can. You should also want to build an emergency fund, so you are prepared for unexpected bills.
Positions like software developers, registered nurses, financial analysts, and project managers often fall within this salary range, though exact responsibilities and work environments can vary.