We’re wealthy by country standards, but not in the big leagues

Young workers earn more on average than their counterparts in Cowra and Boorowa but slightly less than those in Cootamundra, but our incomes pale into insignificance when compared to the richest areas of Australia.

The Australian Taxation Office’s (ATO) latest statistics based on 2015-16 tax returns show the average taxable annual income for Young workers was $45,756.

That is more than $2000 more than Boorowa and Cowra workers who average $43,517 and $43,087 respectively.

It’s slightly less than Cootamundra workers who earn on average, $45,920 annually.

However, it pales in comparison to Australia’s richest area – Sydney’s eastern suburbs – where the average income is up to a staggering $192,500 each year.

The ATO figures showed that medical jobs continued to be the best paid. The only non-medical profession to average more than $250,000 was financial dealers on $263,309.

The ATO figures also showed on average Young claimed more deductions ($2763) in their tax return than Cowra ($1645).