What Teenagers Need to Know About the Average Pay in Australia
Australia, with nearly 4 million Teenagers totalling about one-fifth of its total population, currently ranks at number 12th for nominal GDP ranking of the year 2021 and has forecasted a 4.75pc growth rate by RBA. These statistics showcase the teeming opportunities that Australian young adults have at their disposal.. If they invest wisely in these opportunities, these young adults will be able to become the workforce that will revolutionise the Australian economy in the future.
For career counsellors, parents, teachers and teenagers it is important to know which professions are going to be in high demand and pay more in the future. While it is important to always follow your passions and not to force kids to choose any particular profession. At the same time, it is important for the parents and career counsellors to properly guide the students in the right direction.
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Career counselling is an altogether different topic, so we are not going to touch on that in this article. For the sake of this article, we are going to focus on the professions that pay high and professions that will be in high demand in future. Hopefully, this article will help teenagers make up their minds about what they want to do with their future.
Based on the 2018-19 Australian tax office records, the following professions are the highest paying professions in Australia. Before proceeding remember that the annual incomes discussed below are averages for each profession. These professions have lower and upper limits that are very different from the average numbers.
When you start off, you start with technical skills but no experience and this is why careers start with a low-income grade. As you gain experience and skills, your income grade grows. This is why the upper limit for all of these professions can very well be in six-figure incomes.
1- Surgeon
Surgeons paid the most income tax in Australia in 2018-19, in fact, surgeons top the list almost every year by a big margin. The average taxable income of surgeons in Australia comes to around AUD 394303 annually, which is roughly AUD 33000 on a monthly basis. According to the Australian tax records, there are almost 4150 taxpaying surgeons in Australia.
Surgeons are paid so high for the years of education and specialized training that they have to go through, to become a professional surgeons with the license to carry out surgeries. This is one of the most demanding professions not just in Australia but around the world and the pandemic has only increased the absolute importance of surgeons and medical staff, which means that for the foreseeable future, surgeons will be at the top of this list.
2- Anaesthesiologist
Slightly behind the surgeons are the anaesthesiologists, who earn roughly AUD 386,065 annually in Australia. There are around 3412 anaesthesiologists in Australia.
Anaesthesia and operating room jobs are some of the most sought-after professions available. With a specialization in medicine, doctors have the opportunity to perform high-level surgical procedures. Due to their large number of roles, anesthesiologists are among the highest paid professions in the U.S.
A unique aspect of anesthesia is the fact that it is an all-inclusive profession that encompasses several different roles. These roles include medical director, anesthesia director, nurse practitioner, nurse anesthetist, medical technologist, and anesthesia care technician. In order to qualify as a nurse practitioner or a nurse anesthetist, the holder of this position must have a bachelor’s degree in nursing, with a specialization in anesthesia.
A doctor must be highly skilled in a wide range of medical procedures in order to qualify as an anesthesiologist. Typically, medical schools will have a rigorous training program, with the goal of helping the aspiring physician become proficient in several different medical procedures, all while providing comfort to their patients.
3- Internal Medicine Specialist
The third highest paying job in Australia is also linked with the health and medicine sector. Internal medicine specialists earn around AUD 304,752 annually in Australia, which is roughly AUD 25,000 monthly. There are almost 9559 taxpaying internal medicine specialists in Australia.
For many people, an internist is a job title and a distinct medical subspecialty. Internists have the primary responsibility for the medical care of adult patients. Internists specialize in different areas of medicine and have the broadest knowledge of medicine of any primary care provider. Internists are also called generalists or general practice physicians
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4- Financial Dealer
The fourth highest paying profession in Australia is that of a financial dealer. Financial dealers earn around AUD 275,984 annually in Australia, this is roughly AUD 23,000 on a monthly basis. There are around 4720 financial dealers in Australia.
This is also a very specialised profession. Financial dealers conduct market transactions on behalf of their clients. Financial dealers need to have a university education, with in-depth knowledge of the market they are operating in and also relevant experience. Taking the post-grad Masters in Financial Planning is a step closer to becoming a financial dealer.
5- Psychiatrist
We are once again back into the health and medicine sector with psychiatrists being the fifth-highest income earning group in Australia. Psychiatrists earn around AUD 235,558 annually in Australia. There are around 3000 psychiatrists in Australia.
The job of a psychiatrist is to help people understand and live with the mental illness or psychiatric problems that they have. The psychiatrist will work with the patient and their family to find out why the patient has the problem, and if there are any factors that may contribute to the problem. The psychiatrist may recommend a treatment plan, medication or other strategies to try to help the patient improve.
6- Other Medical Practitioners
Other medical practitioners earn over AUD 222,000 annually in Australia. This group includes all medical professionals with various specializations.
7- Judicial and Other Legal Professionals
Judges and other legal professionals such as lawyers earn around AUD 188,798 annually. There are over 3900 qualified judges and other legal professionals in Australia. This is once again a very specialized career. If you want to become a legal professional, you will have to go to law school followed by your apprenticeship period before you can get your license to practice.
This profession is best suited for individuals who are strong with critical thinking and logical skills.
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8- Mining Engineer
The next highest paying job is that of a mining engineer. Mining is one of the most important sectors of Australia and so mining engineers are right there in the top 10 highest earning jobs. Mining engineers in Australia earn around AUD 184,507 annually. There are over 8800 mining engineers in Australia.
Most mining engineers with a mining license in Australia work for mining companies as employees, although some may also be employed by state and territory governments and some by mining companies operating outside Australia.
9- CEO
CEOs make it to the list, after all. CEOs earn over AUD 164,000 in Australia and according to the tax record, there are over 19,000 CEOs in Australia. Now it is important to remember that these are average incomes, so not all CEOs earn this annually.
CEOs of young startups earn way less than this but their income grows as their venture grows. Similarly, CEOs of big businesses and multinationals earn way more than the average figure.
10- Engineering Manager
Engineering managers earn over AUD 159,000 annually. But this figure can go high with experience and specialisation. Engineering managers have the job of managing engineering projects and this usually requires good personnel and project managing skills as well.
These are the 10 most highly paid professions in Australia. These 10 professions do not mean that kids should only aim for these professions. Computer engineers and programmers are not on this list but they are also among some of the highest-paid professionals. Computer engineers are also some of the most in-demand professionals throughout the world.
We hope that this list will help out parents, teenagers and career counsellors. While it is important to know which professionals can help you put food on the table and earn enough to live a life of comfort. It is also important to understand that professions should be chosen based on what the individual wants to achieve or become in life. It should not be a forced decision. It should also not be solely based on money. Remember that if you are good enough, you will earn a decent income. If however, you are not good, even if you choose the highest-earning profession your income will not help you excel. So the point is to strive hard to become better at whatever you wish to do in your life.
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Fun Fact
How much does a teenager make in Australia?
The minimum age in Australia for 15-year-olds? Employers in Australia are legally allowed to pay workers under 16 years old $7.48 per hour. This equates to 36.8% of the Australian minimum wage for legal adults.
Australia Unwrapped provides only general and not personalized financial advice and in no way has taken your circumstances into account. Investments go up and down; any questions, talk to a financial advisor. This blog is opinion only, and in no way should investment decisions be based on this information.
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