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The cost of living in Australia has soared. Is an annual income of $140,000 considered a “good salary”? NSW has the highest threshold in Australia
This article is reproduced from the WeChat public account: Sydney Today
As the cost of living continues to soar, Australians’ definition of a “decent life” is undergoing dramatic changes.
The latest survey of 1,003 people showed thatNowadays, ordinary Australians believe that an annual salary of at least 140,000 Australian dollars is considered a “high salary”, far exceeding the previous traditional psychological expectation of 100,000 Australian dollars.
It is worth noting thatThe current median annual salary of full-time employees in Australia is stable at A$90,000(Before tax, excluding pensions and benefits).
This means that there is a huge gap of up to 50,000 Australian dollars between the “passing line” of people’s psychological expectations and the actual income.
The study released by the comparison website Finder pointed out that the pressure of living costs has profoundly changed people’s view of wealth, which is closely related to the continued rise in housing prices and rents.
PropTrack data shows that the cost of buying a house in Australia is now about A$90,000 higher than in previous years, while in cities such as Perth, Brisbane and Adelaide, property values have almost doubled in five years.
Research shows that there are significant differences in how residents define the threshold of “high pay” across states. People in Queensland believe that A$128,000 is a high salary, people in South Australia believe that A$136,000 is a high salary, while people in Western Australia believe that any income below A$142,000 cannot escape the feeling of “poverty”.
In Victoria, the threshold is $135,000, whileNew South Wales ranks first in Australia with a high standard of A$150,000.
The median annual salary for full-time employees in Australia is currently $90,000
Australians think they need an annual salary of $140,000 to live a decent life, new research shows
Graham Cooke, director of consumer research at Finder, analyzed,As the cost of living and housing prices continue to rise despite pressure, incomes that were considered “good” years ago are now greatly reduced.
He pointed out that what is considered a “good salary” varies from person to person and depends on where they live, family burdens and lifestyle. For the average household, $139,000 means breathing room, but for city dwellers it may just be enough to cover basic expenses.
also,The survey also revealed interesting gender differences: women have higher salary expectations for a “comfortable life”, starting at $142,000, compared with $136,000 for men.
Although Australian Bureau of Statistics (ABS) data shows that the average annual salary of a full-time employee is about A$104,000, the more representative median salary still hovers around A$90,000.
At the same time, Australians are becoming increasingly budget-conscious in order to relieve economic pressure and increase their savings.
After the Reserve Bank of Australia (RBA) raised the cash rate to 3.85%, major banks have adjusted interest payments, and users have begun to scrutinize bank account fees, interest rates and transfer flexibility more carefully than ever before.
Finder research finds that rising income thresholds are closely related to soaring housing prices and the cost of living crisis
Personal finance expert Sarah Megginson said it was hard for people to make money and they were no longer willing to put up with additional fees that erode returns.
She added that even a small increase in bank interest rates can bring hundreds of additional Australian dollars to account holders every year. In the current environment, this awareness of “increasing revenue and reducing expenditure” is becoming urgent.
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