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ATO data reveals country's new richest postcode where average resident is earning $320,000
Sydney has been toppled off its pedestal and is no longer home to Australia's highest earners. The city's wealthy eastern suburbs have been surpassed by a Melbourne seaside suburb, newly released data from the Australian Taxation Office (ATO) has revealed.
Portsea, on the Mornington Peninsula, was named the richest postcode in Australia, with the suburb's 656 residents earning $321,988 a year on average. That's more than four times the national average income of $78,217.
The suburb is known as being a "holiday playground" for Melbourne's wealthy and is literally home to Millionaire's Walk, a cliff-top trail that offers water views across Port Phillip to the Bellarine Peninsula and winds through the backyards of some of Australia's most expensive homes.
Australia’s richest postcode is no longer in Sydney’s east
A seaside suburb that’s home to 787 people and best known as a holiday playground for Melbourne’s wealthy has knocked off Sydney’s eastern suburbs as the place with the nation’s highest average taxable income.
Capital gains helped Portsea, on the Mornington Peninsula, record an average taxable income of $321,988 in the 2023-24 financial year, according to new data from the Australian Taxation Office.
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