A $60k salary in Australia is considered moderate, above minimum wage but can be tight in expensive cities like Sydney/Melbourne for families, though manageable for singles or sharers, especially if rent is low; it sits near the median earner level, meaning many people earn around this, but affording a good lifestyle, particularly renting, requires careful budgeting and depends heavily on location, living situation (single vs. family), and spending habits.
It's true that many families make $60,000 or even less and this works for them. It's also true that other families struggle to make ends meet at this income level. Realistically speaking, $60,000 is not enough to support a family of four in Sydney, Melbourne, or another expensive city.
A good salary in Australia is subjective but generally sits above the average (~$100k+), with many Australians now seeing $150,000+ as a "good" or comfortable wage due to high living costs, though this varies by location (Sydney higher) and generation, with Gen Z needing the most to feel comfortable. An average full-time wage is around $2,000+ weekly (over $100k annually), but significant differences exist by industry, experience, and location, with specialized roles reaching much higher.
I'd say 60k would be fine if you had a partner and a fully paid off house. Being single and living off 60k including rent or a mortgage would be a stretch.
Even 70k a year puts you safely in the top 40% of income earners, but makes you feel poor because of wage stagnation and the incredible cost of living plus house inflation.
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.
On a £70,000 salary, your take home pay will be £51,157.40 after tax and National Insurance. This equates to £4,263.12 per month and £983.80 per week. If you work 5 days per week, this is £196.76 per day, or £24.59 per hour at 40 hours per week.
Calculation details
On a £60,000 salary, your take home pay will be £45,357.40 after tax and National Insurance. This equates to £3,779.78 per month and £872.26 per week. If you work 5 days per week, this is £174.45 per day, or £21.81 per hour at 40 hours per week.
If you make $60,000 a year, your hourly salary would be $28.85.
The 30% rule recommends spending no more than $1,500 monthly on rent for a $60,000 annual salary. The 50/30/20 budgeting method suggests allocating 50% of take-home pay to necessities, about $1,936.50. Living below one's means ensures financial flexibility and the ability to handle unexpected expenses.
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.
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.
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If you make $60,000 per year, your salary per hour is $30. 36.
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You could retire at 60 with 500k, but it depends on what sort of retirement lifestyle you hope to enjoy. If you are happy to spend frugally throughout your retirement years, a £500K pot will go a fair way towards securing a reasonably comfortable retirement.
If you make an annual salary of $60,000, your earnings are on par with the national average. According to the Bureau of Labor Statistics (BLS), median weekly earnings among full-time wage and salary workers were $1,145, on average, in the fourth quarter of 2023. That translates to $59,540 per year.
If you make $60,000 per year, your weekly salary comes out to around $1,153.85. Simply divide your annual income by 52 weeks. So, $60,000 divided by 52 equals a weekly income of $1,153.85.
It depends on the field you're in and your location, but $50,000 is below the average starting salary in the U.S. of $68,680 for college graduates in 2025. However, for those in certain fields, such as psychology, in which the average starting salary is $44,700, $50,000 would be a good entry level salary.
That means that your net pay will be $58,658 per year, or $4,888 per month. Your average tax rate is 21.8% and your marginal tax rate is 34.5%.
A household earning $70,000 — about $10,000 below the median U.S. salary — could comfortably afford to spend about $257,000 on a house, assuming they put 20% down on a 30-year mortgage with a 6.5% rate.
Some of the most common federal tax deductions include: