Seven other Sydney postcodes were in the top 10 for average incomes, including those of Bellevue Hill ($195,204), Dover Heights ($186,025) and Mosman ($177,645). Last year’s best-paid suburb, Double Bay, suffered a $32,500 drop in average income to $170,051.
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The only Melbourne suburb to reach the list in 2019-20 was Toorak at almost $185,000, down $16,000 on 2018-19.
Across the country, the average taxable income for all Australians increased by 2.1 per cent to $63,882. The median taxable income increased by a similar rate to $48,381.
The average incomes of women increased by 2.8 per cent to a record high of $52,798 while for men it lifted by 1.8 per cent to $74,559.
Australians, on average, paid $19,790 in income taxes in 2019-20, at $446 or 2.3 per cent increase over 2018-19.
The statistics also show the burden of the tax system is increasingly falling on middle-income earners.
There were 545,000 people who earned more than $190,000 through the year. Their average tax bill was $130,421 while the median tax paid was $81,554.
It was the lowest average tax paid by the nation’s highest income earners since 2012-13 and the lowest median on record.
By contrast, the 2.5 million people earning between $90,000 and $180,000 paid, on average, $33,655 in tax or a combined $83 billion.
It was the highest average tax bill for middle-income earners on record and an 8.2 per cent increase over the collective tax they paid in 2018-19.
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Lower-income earners also paid more tax in total and on average. The largest group of taxpayers, the 6.2 million people who earned between $37,000 and $90,000, paid a combined $67.2 billion in tax at an average of $10,818 each.
The legislated stage three tax cuts, which the federal government has committed to keeping despite their substantial cost to the budget, will deliver their largest benefits to middle and high-income earners. They begin from the middle of 2024.
Cut through the noise of federal politics with news, views and expert analysis from Jacqueline Maley. Subscribers can sign up to our weekly Inside Politics newsletter here.