The average taxable income of Australian ophthalmologists increased almost 9% to $644,898 in the latest official income data, outranking all other medical specialists and other high-powered careers to become the country’s highest earning profession.
Meanwhile, the average taxable income of optometrists dipped slightly to $102,773, according to new data from the Australian Tax Office (ATO) for the 2021-22 financial year. Optical dispensers and optical mechanics also reported a decrease, while practice managers and orthoptists enjoyed modest increases.
Breaking down the data by profession and sex, Australia’s 424 male ophthalmologists were the highest earning group. They had an average taxable income of $756,832 (median $532,388), which was around $50,000 (7.5%) more than the year prior. For the 184 female ophthalmologists, that number was $386,964 (median $252,347), around $40,000 (11.8%) more.
By being the highest earning profession, ophthalmologists not only ranked higher than other doctors, but also law and finance professionals. The second highest earning group (counting both male and female) were plastic and reconstructive surgeons at $608,669, with neurosurgeons knocked off their perch as the highest earning occupation in recent years.
Meanwhile, the average taxable income across 5,021 Australian optometrists was $102,773 (median $92,478). This was around $4,000 (3.7%) less than the year before. Male optometrists earned $118,536 on average in the latest data, while females earned $92,476.
This was well above the average taxable income of all Australians, which increased from $68,289 to $72,327 in 2022-22, and the median from $50,980 to $53,041. However, the information is limited in nature; for example, it only includes data visible to the tax department and captures annual incomes of all part-time, casual and fulltime workers.
The data showed orthoptists had an average taxable income of $69,529 (median $ 64,834), a modest increase on $68,200 in the preceding 12 months. The profession is female dominated, with 919 women versus 129 men. Females earned $67,797 on average and men $81,870.
For optical dispensers, the average taxable income was $42,561 ($48,512 males and $40,944 for females), down from $45,000 (6.4%) the year prior. Optical mechanics earned $64,824 on average (males $65,865 and females $63,126), down from $66,600.
Health practice managers earned a healthy average taxable income of $83,205 (median $70,264), up 3% from $80,800 the year before. Males in this occupation generated $107,691 on average and females $79,934.
The ATO figures also revealed the average income of medical and pharmaceutical sales representatives, which was $124,903.
The 2021-22 data is the latest available.
Top 10 earning professions (men and women grouped together):
- Ophthalmologist – $644,898
- Plastic and reconstructive surgeon – $608,669
- Neurosurgeon – $593,221
- Otolaryngologist/ENT – $576,925
- Urologist – $543,818
- Cardiologist – $513,526
- Orthopaedic specialist – $504,563
- Vascular surgeon – $490,193
- Cardiothoracic surgeon – $473,371
- Judge – $459,843
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