In general, you should aim for the average wage or higher. In other words, a good salary in Australia is anything between $90,000 and $108,000 a year or $7,500 to $9,000 a month. The median income is $72,000 a year, which is a good reference point as to how much you should be earning.
The average full salary in Australia is $77,135 per year or $39.56 per hour. Entry-level positions start at $59,463 per year, while most experienced workers make up to $130,000 per year.
A person on $200,000 a year would be earning more than double Australia's average, full-time salary of $90,917 a year.
The average Aussie wage is around $85,000 per year – but a lot of people who make more than double that still don't think they're rich.
According to payscale.com, the average salary in Sydney is around $76k per year. So yes, $150k is a good salary.
Australians have to earn more than six times the median wage to be considered rich. In 2021, a study revealed how much Australians were making on average and perhaps unsurprisingly, workers over the age of 45 earned the most.
All in all, only two percent of Australia's 14.3 million workers take over $200,000 a year. Only three percent of Australians earn $188,667.
It then goes on to describe those middle income Australians as individuals earning between $120,000 and $160,000 a year.
Many set their sights even higher. An annual income of $1 million or more was the most popular answer, with 22% of respondents saying they need to rake in seven figures to feel rich.
Six-figure salary needed to afford Sydney mortgage
The average Australian would need to earn over $300,000 a year to consider themselves as officially "rich", new research has found.
So if you're on $100k or more, congratulations, you're in the top 20% of Aussie income earners. If not, don't worry, you're in the good company of 80% of Aussies.
According to a YouGov survey from January 2022, U.S. Americans believe that ten percent of households in their country have an annual income of more than $1 million.
Our 2022 Poverty in Australia Snapshot found that there are 3.3 million people (13.4%) living below the poverty line of 50% of median income, including 761,000 children (16.6%). In dollar figures, the poverty line works out to $489 a week fir a single adult and $1,027 a week for a couple with 2 children.
In general, you should aim for the average wage or higher. In other words, a good salary in Australia is anything between $90,000 and $108,000 a year or $7,500 to $9,000 a month. The median income is $72,000 a year, which is a good reference point as to how much you should be earning.
The widely reported ASFA Retirement standard suggests a single person can enjoy a 'comfortable lifestyle' on around $46,000 a year, so it stands to reason they should be able to live more than comfortably on $50,000.
To put $100,000 into context, it is just above what many families earn these days. The median income for families (including single parents) was $91,000 in 2021, according to data from the Census Bureau, and about 45% of families earned $100,000 or more last year.
A good monthly income in California is $3,886, based on what the Bureau of Economic Analysis estimates that Californians pay for their cost of living. A good monthly income for you will depend on what your expenses are and how much you typically spend per month.
How much money do you need to be considered rich? According to Schwab's 2022 Modern Wealth Survey (opens in new tab), Americans believe it takes an average net worth of $2.2 million to qualify a person as being wealthy. (Net worth is the sum of your assets minus your liabilities.)
21 to 34: $1,127.60. 35 to 44: $1,503.70. 45 to 54: $1,544.20. 55 & older: $1,373.40.
Middle Class Defined by Region. According to the U.S. Census Bureau, the median income in 2021 was $70,784. So American families earning between $47,189 and $141,568 are technically in the middle class, according to the Pew Research Center's definition. However, other factors must be considered.
According to a Pew study released last fall, the median income of middle-class American households is $74,015, based on Census data from 2016, the latest available. (Pew defines middle class as two-thirds to twice the U.S. median household income, adjusted for household size.)
The average household gross income is $116,584, however the top 20% of households earn 48% of all income. Twelve times more than the bottom 20% who are left with just 4% of Australia's income.
Wealthy Individuals within Australia are generally deemed to be those with net investible assets (NIA) over $1M (or net of over $2.5M including the family home) and earning more than $250,000 per annum. Having said this, the ATO categorise 'Wealthy Individuals' as those who control a net wealth of $5M or more.