It is a upheaval in the geography of Australian wealth. For the first time in history, the country’s highest-earning postcode is no longer that of a leafy Sydney harbour suburb, but that of a discreet Victorian seaside enclave. According to data published this week by the Australian Taxation Office, Portsea, on the Mornington Peninsula south of Melbourne, has claimed the top spot in the national income rankings.
The 3944 postcode, which covers Portsea, now records an average taxable income of $321,988 for the 2023-24 financial year, more than four times the national average of $78,217. The ATO noted it was the first time Victoria had held the highest-earning postcode in the country.
Portsea is known as Melbourne’s “holiday playground for the wealthy.” It is home to the Millionaire’s Walk, a cliff-top trail offering sweeping views across Port Phillip Bay, winding past some of the most expensive properties in Australia. Notable residents include billionaire Lindsay Fox, founder of the Linfox logistics group, and the Barda family, behind fashion brands Sportsgirl, Sportscraft and David Lawrence.
The result should nonetheless be interpreted with care. Portsea has very few permanent residents, meaning a small number of high-earning taxpayers is enough to push the entire postcode’s average to the top. The ranking measures tax returns lodged in that postcode, not the income of the typical household living there.
The former champion, Sydney’s 2027 postcode covering Point Piper and Darling Point, recorded an average income of $279,712 in the previous year. The harbour city’s glamorous suburbs, which had dominated this ranking for years, temporarily surrender the crown to their Victorian rival.
Beyond the postcode race, the ATO data confirms broader structural trends. Surgeons remain the country’s highest-paid workers for the fifteenth consecutive year, with an average taxable income of $519,998 across the 4,280 who lodged returns in that occupation. The average superannuation balance also grew, rising from $173,000 in 2022-23 to $183,000 in 2023-24, reflecting continued accumulation of retirement savings despite persistent inflationary pressures.
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