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How Does Your Income Compare To Other People With The Same Post Code?


Titus

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I thought the following article / tool might be of interest...

 

According to the most recent ABS data, the average Australian income is $60,892 per year. However, this number is pretty meaningless if you're trying to work out the mode or median: the wages at the very top and bottom invariably skew the results.

If you really want to know how your income compares to the Australian average, you need to focus on people in similar circumstances to yourself. The WageSage website attempts to do the hard work for you: it limits the results to people who share your age, location and gender for much higher accuracy.

 

Original article

https://www.lifehacker.com.au/2017/08/how-does-your-income-compare-to-other-australians/

 

Wagesage website/tool

https://wagesage.info/

 

 

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Thanks for this @Titus

Looks like the gender pay gap is also evident in Aus ..... #justsaying 

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Perhaps a better measure is to look at the different percentiles as average says very little. As you know often the data are skewed by the top income earners.

You should also include net worth to get a better picture eg the 75 percentile in income tells a different story when looking at net wealth.

ABS provides quantiles although old data.

Wealthiest 20% own 71 times that of the lowest 20%

Highest fifth have incomes 12 times the lowest fifth

http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6523.0Main+Features62011-12

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  • 2 weeks later...
dlmonnink

Yeah I think you need to take into all the magic money the asians bring in. Median in my neighbourhood is $56000 but everyone lives on property worth $2+ mil and knock down their house every other year to build a new one.

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CyberJoe

There is also the http://peoplelikeu.com.au/ site that is pretty interesting. @dlmonnink It is pretty crazy how some people can afford to knock down a mil+ house and just rebuild something even bigger and better! But, for now I am a happy renter, cant believe how much less time I am spending renovating. Not to even mention the amount of money saved in repairs and maintenance!

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SimpleSimon

Yeah, this is the depression trap for new immigrants.

 

We had a fantastic lifestyle in South Africa, money wasn't a problem and we are highly qualified, experienced and skilled. 

So why are we on just average (or below) salaries in moderate jobs when we arrive in Australia?

And why can we only afford to rent a very modest place when people we know, who were worse off than us in South Africa, are living in these mansions in Sydney?

 

The secret is time.

From leaving school / university to mid-40's its very difficult to accumulate assets as kids and building a career takes most of our time and cash. And i

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  • 2 weeks later...

Agree with your comments above Simon, even though they appear to have been cut off :huh:

 

Definitely don't come to Oz under the impression that you will be better off financially. Don't get me wrong you can, but that's not necessarily the case, and for us it came down to profession, location and choices we made.

We made the lifestyle choice to settle in the Apple Isle, close to my wife's family (my folks are still in SA), which in my career limited my options straight away - We have a good outdoor lifestyle, great place to raise the kids and her family close by (but not too close :lol:) - But not the salary, or the warmest weather.

 

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RedPanda

:offtopic:  yea, yea...I know it's off topic :P but I think it's really relevant every time money discussions come up


I know it's been said a lot, but the longer I'm here the more I "know it in my bones" not just my head: "After moving to Australia ones priorities change, and you discover the value of things you can't buy." There are so many situational assumptions that weight the variables going into your mental process to arrive at an answer for the question: Am I earning enough? And when you come over here and settle into a new life pattern the weighting shifts a lot and your answer changes. And it's just really hard to explain this to anyone who hasn't experienced it yet. There is probably a threshold (that is lower than most South Africans expect) above which you will be fine, and increases in money contribute only marginally to increases in happiness.

Example: how do you put a monetary value on the happiness gained from observing the tiny birds in your local forest, going about their business undisturbed by your presence, 2m away? Huh? It's complicated. In RSA you would have to budget money for a holiday somewhere else so that you could do this. (We come from Gauteng where relaxation is a facade, even for the wildlife ;) ) How do you put a monetary value on not stressing so much anymore? Including potential medical bills from complications like high cholesterol, heart issues, antidepressant medication, and sleeping aids?  These are just two examples of immaterial things that have a material impact on your budget, there are many more, and they are different for different households.

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No not off topic - Bang on @RedPanda. It's not all about the money, there are lots of variables in the decision and and lots of choices to make. Some things aren't monetary at all, but I guess as part of making the move you have to think and evaluate what's important, and what you hope to gain.

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Now I will be shot.... money cannot buy you everything... you do not have to keep up with the Mr & Mrs Jones... except for the very expensive areas, do not think that everyone earns the same, lives the same, or has a palace to live in, just because of where you live. You could have a taxi driver or garbage man living next door to you, what does it matter? We all earn a living and live to the extent that we can afford.

 

For those that are going to frown at the above... we also had it all... huge house, tennis court, pool, gardeners, maids, flashy cars, own business... you get the picture. We have never attained that level again and actually neither do we want to. We are extremely happy working for a boss, let him have the headaches... we are happy living in an average house, in an average suburb, we do not have sleepless nights about paying the mortgage!

 

I definitely agree with @RedPanda once you get here and get to know life in Australia, your assumptions and opinions will definitely change.

 

I love the life we live here... just ordinary folk, doing an ordinary job, in an ordinary suburb, (out in the sticks- Melbourne 38klms away) but I am happy, and live a stress free life!

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7 hours ago, Mara said:

Now I will be shot.... money cannot buy you everything... you do not have to keep up with the Mr & Mrs Jones... except for the very expensive areas, do not think that everyone earns the same, lives the same, or has a palace to live in, just because of where you live. You could have a taxi driver or garbage man living next door to you, what does it matter? We all earn a living and live to the extent that we can afford.

 

For those that are going to frown at the above... we also had it all... huge house, tennis court, pool, gardeners, maids, flashy cars, own business... you get the picture. We have never attained that level again and actually neither do we want to. We are extremely happy working for a boss, let him have the headaches... we are happy living in an average house, in an average suburb, we do not have sleepless nights about paying the mortgage!

 

I definitely agree with @RedPanda once you get here and get to know life in Australia, your assumptions and opinions will definitely change.

 

I love the life we live here... just ordinary folk, doing an ordinary job, in an ordinary suburb, (out in the sticks- Melbourne 38klms away) but I am happy, and live a stress free life!

Mara, you are like my favourite aunt.. always so kind and such wise words.... We are ok to give up our fancy SA lifestyle, but I love travelling abroad (note the I, not the we)..... pls tell me I won't have to give that up?

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dlmonnink

I think it all comes down to what you are willing to compromise on while you are here. My GF and I always ate out in SA, and when we landed here that changed for a while, but we have managed to balance our income/expenses and are pretty much in the same spending boat monthly as we were in SA. I mean this in the sense that our lifestyle is now fairly similar to what it was in SA (except for domestic, gardener etc). The thing is that costs make no sense when you get here. In Aus you can spend the same amount on a meal or an appliance where in SA an appliance would cost far less than a meal out. Much of these costs are because of the cost of labour. Anything you spend on that a person was involved with directly will cost you a lot.

 

On the flipside of this, I have found it quite easy to save a small amount each month that can be used to travel. My GF and I love to travel and putting a little bit aside can go a long way if you travel overseas. Going to Mauritius later in September and then Bali in December. Also with lower inflation rates you can afford things without your salary dragging behind each year. I was also very worried that I would never be able to afford a house but with both my GF and I working we can save enough for a deposit. The houses are extortionately expensive and that definitely makes it seem like it is out of many peoples reach. Learning to live well within your means goes a long way.

 

As long as you stick to a low cost lifestyle you can easily make it in Aus and do your other favourite things. By the end of the year we will have the deposit for our house (under 2 years of being here and starting from 0 again). I bought my car cash for $3000 and bought my GFs car cash for $5000 - nothing fancy, cheap on petrol, does the job. If you want to be fancy and get a car on credit the payments aren't too bad either if you really want to but not my way of doing things.

 

I guess what I'm getting at is if you are smart with your income you can get really far in Aus.

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Shellfish
On 8/16/2017 at 3:33 AM, SimpleSimon said:

Yeah, this is the depression trap for new immigrants.

 

We had a fantastic lifestyle in South Africa, money wasn't a problem and we are highly qualified, experienced and skilled. 

So why are we on just average (or below) salaries in moderate jobs when we arrive in Australia?

And why can we only afford to rent a very modest place when people we know, who were worse off than us in South Africa, are living in these mansions in Sydney?

 

Competition, I guess. There are far more skilled, educated people in first world countries. In SA, if you have a degree and a nice car - you are in the 'elite', in Australia you are pretty much just like everyone else. How many skilled, educated migrants does SA have arriving each week? It can't be many - Aus must have close to 5000

 

On 8/29/2017 at 9:31 AM, RedPanda said:

:offtopic:  yea, yea...I know it's off topic :P but I think it's really relevant every time money discussions come up


I know it's been said a lot, but the longer I'm here the more I "know it in my bones" not just my head: "After moving to Australia ones priorities change, and you discover the value of things you can't buy." There are so many situational assumptions that weight the variables going into your mental process to arrive at an answer for the question: Am I earning enough? And when you come over here and settle into a new life pattern the weighting shifts a lot and your answer changes. And it's just really hard to explain this to anyone who hasn't experienced it yet. There is probably a threshold (that is lower than most South Africans expect) above which you will be fine, and increases in money contribute only marginally to increases in happiness.

Example: how do you put a monetary value on the happiness gained from observing the tiny birds in your local forest, going about their business undisturbed by your presence, 2m away? Huh? It's complicated. In RSA you would have to budget money for a holiday somewhere else so that you could do this. (We come from Gauteng where relaxation is a facade, even for the wildlife ;) ) How do you put a monetary value on not stressing so much anymore? Including potential medical bills from complications like high cholesterol, heart issues, antidepressant medication, and sleeping aids?  These are just two examples of immaterial things that have a material impact on your budget, there are many more, and they are different for different households.

 

I think (and I am obviously generalising here) that South African's think that 'standard of living' means 'quality of life' - couldn't be further from the truth. Don't get me wrong, it must be great  to come home to cooked meal and a tidy house but I would rather have an untidy house and my kids live in relative peace where they can be kids for that little bit longer. 

 

Edited by Shellfish
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19 hours ago, Shellfish said:

I think (and I am obviously generalising here) that South African's think that 'standard of living' means 'quality of life' - couldn't be further from the truth. Don't get me wrong, it must be great  to come home to cooked meal and a tidy house but I would rather have an untidy house and my kids live in relative peace where they can be kids for that little bit longer.

 

You simply can't put a price on taking a walk to the park at 9pm at night, or strolling through the CBD at midnight after a fantastic meal/entertainment/fireworks etc, or letting the kids cycle to the corner cafe by themselves like we used to do as kids....

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SimpleSimon

Let's not go too far over to the other side - surfboard, yoga mat and beat up beetle. That only really works if you have rich parents you can view with disdain for selling out to the Man. Sorry, for a moment I thought I was back in the 60's/70's.

 

Money is important and genteel poverty isn't as happy a place as we like to imagine. The money, assets and lifestyle come after a while. It's just that if you're impatient it's not going to be a joyful experience.

 

I did the army over 30 years ago and it left me with a neatness bug. I hate dirt and untidiness. Sometimes making my bed to the proper standard, I realise that the lump I can't iron out at 6 am on Sunday morning is actually my wife. My 19 year old son believes in horizontal storage. He drops clothes on the floor where he is standing. It drives me mad.

I wouldn't mind having some  "Magic of Africa" around to take care of the chores. 

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@ocean you can travel, just get yourself a piggy bank :D

 

I also have a travel bug, and hubby does not.. lucky for me. I used to travel to the USA for work, I also have family and a best friend that lives there, so....every 2nd years I go to spend some time there. I have a son that lives in Auckland, and I visit him. Last year, for the first time in 14 years, I made a visit to RSA... will probably take another 14 for me to do so again..

 

More often than not, my travel is paid for with my Qantas frequent flyer miles.. not a problem if you book well in advance, which I do. The only thing you then have to pay for your ticket is the airport taxes.

 

Travel to the places around Australia, is cheap by Australian standards, just log onto Flightcentre and see what their specials are at present : https://www.flightcentre.com.au/

 

The one thing you have to learn is NOT TO TRAVEL IN DECEMBER! The cost of a ticket then is just over the top. I tend to travel in Mar to May, excluding Easter period, or, September to November.. at these times the tickets are the cheapest... in case I am paying and not using my points.

 

Hope this sets your mind at rest!

 

Favourite Aunt Mara

 

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