The job market in Australia is quite competitive, and there are a lot of job openings for fresh graduates including high-paying job roles in a wide range of fields. As Australia's economy recovers from the economic impacts of the Covid-19 outbreak, its job market is also beginning to trend upward once again.
According to the Australian Bureau of Statistics 2022 report, the unemployment rate in Australia fell to 4.6% in November 2021, while the employment to population ratio increased by 63%. According to estimates, Australia's GDP per capita will reach USD 57300.00 by the end of 2022.
Though picking a career should not be primarily driven by the typical money factor, let us face it: everyone wants to know how much they will make when starting a new job. According to the top 10 highest-paid employees in the nation, as measured by their average taxable income, the most current set of income figures from the Australian Tax Office (ATO) sheds light on different professions and their average annual earnings.
Regarding these highest-paying job statistics by the ATO, there are no genuine upheavals. The top 10 highest paying jobs in Australia are dominated by sectors like finance, engineering, and medicine. Apart from this, executive management positions are also very prominent. While it may be appealing to consider a complete career change to a different field after reviewing such statistics, it is vital to keep in mind that there are always exceptions to the norm in every industry.
Also, it must be acknowledged that not all benefits of a job or career can always be measured on the same weighing scale. For example, your line of work may allow you to enjoy an enviable work-life balance that enables you to spend more time with loved ones than others in higher-earning careers, which may not be the case for them. Let us now see opting for which degrees pay the maximum salary in Australia.
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What Degrees Pay the Highest Salary in Australia?
Earning the right degree at one of the best universities in Australia can often lead to the highest paying jobs in Australia. There are many opportunities available to you if you pursue any of the degrees listed below. To help you determine which degree type will earn you a high starting salary, we have broken it down into the following tables:
Degree Type |
Estimated Annual Salary (in AUD) |
---|---|
Psychiatry |
60,565 |
Legal |
98,396 |
Dental/Medical |
70,000 |
Engineering |
58,300 to 67,000 |
Construction Management |
99,386 |
It must be noted that these figures are only approximations based on typical salaries for recent graduates. These are just a few of the most lucrative possibilities that students may wish to take into account as they make plans for the future. There are many additional degrees that can lead to wealthy careers.
List of Highest Paying Job Positions in Australia
When it comes to the highest paying job positions in Australia, a surgeon's job is among the best. It is estimated that surgeons earn a salary of AUD 394,303 per year, which is nearly four times the annual salary of a person with an average salary.
The fact that surgeons earn the highest salaries of all professions in Australia is not particularly controversial. After all, the majority of healthcare occupations offer highly competitive income. Additionally, before they start practising, surgeons spend an excessive amount of time in school developing their expertise, so it makes fair that their pay would reflect the amount of work they have put in.
The best part is that there are a tonne of other highest paying jobs in Australia that you might want to take into consideration if becoming a surgeon is not your cup of tea. A few of these include:
Job Role |
Estimated Annual Salary (in AUD) |
---|---|
Anaesthetist |
386,065 |
CEO or Managing Director |
164,896 |
Chief Financial Officer |
280,000 |
Construction General Manager |
350,000 |
Engineering Manager |
137,530 |
Engineering Manager |
159,940 |
Head of Compliance |
277,500 |
Head of Technology |
300,000 |
Information Technology Architect |
147,735 |
Information Technology Portfolio Manager |
280,000 |
Information Technology Security Specialist |
125,932 |
Internal Medical Specialist |
304,752 |
Investment Director |
300,000 |
Legal Secretary |
342,000 |
Medical Practitioner |
222,933 |
Mining Engineer |
184,507 |
Mining Head of Operations |
325,000 |
Psychiatrist |
235,558 |
Surgeon |
394,303 |
Systems Engineer |
124,628 |
Top 5 Highest Paying Jobs in Australia for Fresh Graduates
In most circumstances, the highest paying job positions in Australia for recent graduates would not be the same as those for experienced professionals. After all, obtaining some on-the-job experience is a must for some of the highest paying job roles in the nation.
However, there are still some professions that might offer a significant wage upfront. Here are five of the highest-paying positions in Australia that recent graduates (or those about to graduate) should think about, especially if making a good living is imperative to them:
Medicine
A medical job requires extensive education and years of practice. A surgeon may need eight years of education or more, depending on their area of expertise, whereas a registered nurse needs at least four years of education.
Getting a medical degree may take some time, but once you do, you will start out with a decent salary. For instance, the starting wage for healthcare professionals is AUD 70,000. As healthcare employees advance in experience and seniority within the hospital or practice where they work, their remuneration also rises significantly over time.
Dentistry
Dentistry is another profession that can offer a good wage right out of college. Once you complete dentistry school, you can anticipate starting off with an average annual salary of AUD 86,300. Following three years, the salary is expected to rise to an average of AUD 105,100.
Similar to medical professionals, dentists must complete several years of formal education before beginning their careers. Since they invest so much time up front, they may start earning a relatively decent salary as soon as they graduate.
Solicitor
Once they complete their education, solicitors have the potential to start out with very high salaries. After all, fresh graduates in Australia earn an estimated average starting salary of AUD 98,396.
Another difference between solicitors and some of the other professionals on this list is the length of time they must spend in school.
Either a Bachelor of Legislative Law (often known as an LLB) or a Combined LLB must be obtained in Australia in order to practise law. This typically takes four to five years to complete. Additionally, you must finish practical legal training, which usually lasts a year.
There will probably be a large number of jobs accessible because the future growth estimates for solicitors are very robust. This is a crucial factor to remember for students who are thinking about having a law career in Australia.
Engineer
It is no secret that engineering is one of Australia's highest-paying industries. As a result, it is reasonable to expect engineers to begin earning a decent salary as quickly as they complete their education.
Engineers earn varying salaries depending on what type of degree they have pursued. For instance, an aeronautical engineer's starting salary will typically be roughly AUD 58,300. On the other hand, civil engineers can start out with an annual salary of about UAD 64,000 in Australia.
The field of engineering also has a lot of space for expansion. Your pay may increase significantly over the course of a few years, and you might even get the chance to move into a related career like project management or consulting.
Construction Manager
After graduation, construction managers can also make a very decent amount of money. Their average pay will be around AUD 99,386 once they earn a degree in construction management, which normally takes three to four years in Australia.
Fresh graduates studying in Australia have numerous employment options in this field. By working as a management assistant even before you graduate, you can improve your chances of being employed even further.
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Top 5 Highest Paying Job Industries in Australia
The highest-paying job industries in Australia, as in any other nation, often belong to specific industry sectors. Here are the top 5 highest paid industries, each of which is worth taking into account if you are willing to make a career switch or planning to launch your own business in Australia immediately after graduation:
Consulting & Strategy
By counselling people on how to operate their organisations more efficiently, consultants and strategists can make an excellent income in Australia.
There is a tonne of employment in this AUD 1.5 billion market, which pays professionals significant incomes in exchange for their experience, ranging from healthcare and financial strategists to construction and legal consultants.
Job Prospects for Consulting & Strategy in Australia
Experienced consultants who can advise and guide other professionals are in high demand in Australia. The majority of business owners, whether they are in the legal or retail industries, want to understand how they may improve the way their organisations are run and boost their earnings. Consultants can assist them in doing that because they have the necessary knowledge and expertise.
Top Three Job Positions in the Field of Consulting & Strategy:
-
Financial Consultant
-
Management Consultant
-
Legal Consultant
Engineering
In Australia, there are many employment openings in the engineering sector. This particular sector has been stable for some time, and by 2025, it is even anticipated to reach a valuation of AUD 95.69 billion. It makes sense that engineering has always been and will continue to be one of Australia's best-paid sectors since there will undoubtedly always be a need for experienced, knowledgeable engineering professionals.
Job Prospects for Engineering in Australia
The engineering field appears to be quite safe and secure for individuals who wish to make a good wage and have a lot of job security. In Australia, there is a critical shortage of engineers, and this shortage is not expected to diminish in the future.
Top Three Job Positions in the Field of Engineering:
-
Electrical Engineer
-
Civil Engineer
-
Petroleum Engineer
Resource, Mining & Energy
Australia has some of the most varied and plentiful mineral and energy sources in the world. The mining, resource, and energy sectors are among the most promising in the nation as a result.
There are plenty of job requirements in this profession, and the average annual remuneration for the entire sector is about AUD 100,000. In Australia, the resource, mining, and energy industries have expanded significantly in recent years.
Job Prospects for Resource, Mining & Energy in Australia
There will probably be an increase in demand for resources, mining, and energy sectors since so much of the country's surface are rather unexplored or untapped. The majority of professionals who want to enter the field, therefore, have excellent career prospects.
Top Three Job Positions in the Field of Resource, Mining & Energy:
-
Mining Engineer
-
Driller
-
Mining Head of Operations
Construction
It is not surprising that one of Australia's most lucrative industries is construction. The sector contributes about 9% of the nation's Gross Domestic Product and brings in more than AUD 360 billion annually. Over the following five years, or by 2027, a projected annual growth rate of 2.4% is also predicted only for the field of construction.
Job Prospects for Construction in Australia
The Australian construction sector, which contributes significantly to the GDP of the nation as we have noted, is anticipated to expand consistently over the coming years. The majority of individuals apparently agree that a job in the construction business would be a good choice for the ones searching for a job that has plenty of opportunities and potential for development.
Top Three Job Positions in the Field of Construction:
-
General Foreman
-
Scaffolder
-
Construction General Manager
Healthcare
And last, one of the highest-paying sectors in Australia is the healthcare sector. In 2021 alone, this business is projected to produce over AUD 162.4 billion. In addition to being the home of Australia's highest-paying profession (surgeon), the healthcare industry also includes several other lucrative jobs that prospective employees would want to take into account.
Job Prospects for Healthcare in Australia
A career in the healthcare sector is probably one of the safest choices for individuals who are looking for a high level of job security in addition to some of the highest paying jobs in Australia. The need for healthcare workers will never go away since no one can stop getting injured or sick. The healthcare industry has a lot of room for expansion as well, this field is especially for those who wish to keep learning over time.
Top Three Job Positions in the Field of Healthcare:
-
Anaesthetist
-
Internal Medicine Specialist
-
Surgeon
Australia's Highest Paying JobSectors
With experienced in-house general counsel roles at ASX100 businesses holding the title of the best-paying job in Australia with annual average compensation of AUD 437,500, the legal sector continues to offer some of the most lucrative salaries in Australia. Other businesses likewise pay well into the six figures for general counsel roles.
Salaries have increased as a result of a surge in demand for leadership positions in the IT industry. For instance, the average yearly salary for a chief technical officer increased by AUD 30,000 from the year 2021 to AUD 330,000 in the year 2022.
General managers and senior project managers continue to be among the top-paid jobs in the construction sector, with average yearly salaries exceeding AUD 350,000. With an average yearly compensation of AUD 325,000, head of operations positions in the mining, energy, and resources sector continues to be well compensated. Jobs in sales, banking, and financial services pay handsomely too.
Top 10 Highest Paying Jobs in Australia Without a Degree
It is natural that not everyone finds the idea of spending four years at a postsecondary school appealing, and that a chosen job path does not always coincide with the requirement for a Bachelor's degree. But there is plenty of open, well-paying employment in a wide range of industries that do not demand the time or money that a university degree does.
It is feasible to earn more than the AUD 1,633.80 Australian average weekly earnings and develop a fulfilling, successful career, even though most require some level of training or higher education.
Although you may not require a degree for such jobs, it is imperative that you must have completed a certification or a diploma relevant to your employment sector. For example, a student holding a job position of a construction manager must have completed a Diploma of Project Management or Certificate IV in Project Management Practice to hone their skills and understanding of the field.
Similarly, there are other jobs that pay well and do not mandatorily require a degree certification. The following are the top 10 highest paying jobs in Australia without a degree:
Job Role |
Estimated Average Annual Salary (In AUD) |
---|---|
Construction Manager |
154,536 |
Ethical Hacker |
101,000 |
Project Manager |
122,585 |
Digital Marketing Manager |
101,254 |
ICT Manager |
129,500 |
HR Manager |
114,902 |
Office Manager |
85,463 |
Health and Safety Advisor |
106,574 |
Social Media Manager |
81,139 |
Senior Care Worker |
83,000 |
In the end, the industry, business, and field you wish to work in will be influenced by a variety of factors, including stability, potential, work-life balance, and company culture, but how much you get paid will also be a big consideration. If you have an interest in health, law, finance, business, or IT, there's a good possibility you can combine your passion with a good salary. Make sure your capabilities and knowledge are well-honed, though, as the top 5 sectors in Australia consistently emphasise education, job experience, and a genuine passion for your business.
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