The Australian Taxation Office has compiled data from the 2019-20 tax returns of more than 14 million Australians to reveal the wealthiest and poorest postcodes across the country, with one area making a dramatic jump to the top in just 12 months.
The figure shows a steep growth of more than 80 per cent from the 2018-19 figures, wherein the seaside area came in sixth place.
It marks the first time a postcode’s average taxable income has breached $300,000.
The bulk of the other top 10 spots in the list hail from Sydney.
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Postcode 2027 (Darling Point, Edgecliff and Point Piper) came in second place with an average taxable income of $205,957.
Postcode 2023 (Bellevue Hill) finished third with $195,204, and postcode 2030 (Dover Heights, Rose Bay North, Vaucluse and Watsons Bay) was fourth at $186,025.
Melbourne was the only other city to make the top 10 after Hawksburn and Toorak (postcode 3142) came in fifth place with an average taxable income of $184,939.
Dominating both ends of the spectrum, areas in NSW made five of the top 10 poorest Australian postcodes on top of its eight richest.
Postcode 2398 (Gurley), postcode 2386 (Burren Junction, Drildool and Nowley) and postcode 2405 (Boomi and Garah) made up the top three poorest areas, respectively—all had a negative average taxable income, likely associated with farming losses.
The rest of the top 10 mainly comprised rural postcodes in South Australia and Queensland.
Postcode 5013 in Adelaide’s north (Gillman, Ottoway, Pennington, Rosewater and Rosewater East) had a negative average taxable income of -$7,906.