With the rampant inflation I haven't kept up, what is considered average and a good pay now? Assuming 1 person.
What is considered a good pay now?
NotAnAudiophile on 10/02/2022 - 21:39
Comments
What about $199.9K?
~_~
no no no… as time goes by, the pay needs to increase not decrease, to cover inflation, and currency devaluation/debasement.
So that means, if you reply 16 hours after a number is suggested, the figure should be more like 201k, at current rates ;-)
Net pay after tax (not including super)
- $135,333
LOL
Pretty brutal.
its middle of the road actually but yeah def see why negative gearing is popular
If Super is included its only $125,696.27 net pay, pretty brutal.
There is relief on the way though, when the phase 3 tax cuts. Both ALP and Coalition have promised to enact it.
How to pay back a $1 trillion debt 101.
You pass it onto your future generation to deal with :)
@furyou: Once they go digital, it will be unlimited money. The only limit would be how many digits of 9s can the computer handle.
Nah too much tax, 350k I'd say
disagree =)
good pay = having wealthy parents providing constant financial support
doesnt matter if you are at 200k - you wont be able to afford a house in Sydney
Current OZB meme says anything below 200k is poverty.
Current Whirlpool meme says anything below 400k is poverty
Current hackernews meme says anything below 800k is poverty
Current Forbes listing says anything not in the top 10 is poverty
*Current hackernews meme says anything below 13.5 btc is poverty
Current Onion News says anything less than Jeff Bezos wealth is considered poverty.
Look up median, not average.
I have no idea how people survive on median pay…
yeah median is a terrible view,
Average is actually better in terms of a decent pay
Because most of the time when people are talking about decent pay, they're talking about an individual living in a city able to rent/mortgage have a nice lifestyle and able to save some
median includes too many people who you wouldn't consider ie students, young people, 2nd family income (those who aren't after a career, or long hours)
People talk about surviving on low income, then you find out they live in woop woop…. most Australian live in/near cities
Yea, we should look at the break down.
What's the median pay for a given age group, say 30-40, 41-50 etc in a particular city, eg Sydney?
This article shows the salary broken down by age, https://www.news.com.au/finance/work/at-work/new-study-revea…. Spoiler alert, its not very high.
Here's more stats by age, https://www.bosshunting.com.au/hustle/average-australian-sal….
Depends where you live and when you bought a house. We live in Adelaide and bought our house 15 years ago. It would be much harder if you were in a bigger city trying to get a place now.
I'd say $100K or more is a decent salary.
After tax, that is
$6,252 per month or
$1,442 per week.Unless you don't have a mortgage, it's hard to get comfortable with anything less than that.
… *sweating profusely *
$100K or more is a decent salary.
Decent, but not 'good'. Good is more like $150k+
That's pretty much what I'm on. Feels inadequate since I can't even afford a house lol.
If I was five years older and earning $20k less I'd be in a way better financial position, assuming I bought property.
Property going up more than my wage per annum, I feel for the younger generation who have been sold out by the boomers.
Wouldn't that what has been happening since the 60s?
@leiiv: nope when i bought my house it was the price of 5x bmw series ……. 25 years ago ….now it’s 25 bmw series 3 ….. negative gearing has made houses the investment vehicle of choice …..100k is ok if you own your own home or have a small mortgage…..
@garage sale: I think it started long ago, but the difference is going up exponentially over time. 100k is a lot if you have your own home.
My concern is that people are over leveraged on their mortgages and won't be able to afford their retirements. To me, I'm paying for the boomers retirements and my retirement except they've got the $2 million house from selling spoons door to door three days a week.
They’ll get their chance when the inheritance comes through, although they’ll probably spend it all on uber eats within a year.
“The boomers are why I’m a loser”
It's not "the boomers" mate.
It's the poor legislation that continues to allow them to reduce their tax to ZERO, and give all that money to CBA shareholders instead.
A cap on CGT and negative gearing is required. Not a removal… a CAP. At least make them pay some of their fair share, and not just to bank profitability.
Labor wanting to do something about it. Liberals didn't.
You'd never be able to predict what happened in the last 10 years of Liberal power and low interest rates :).
It's basically free money. Lend at 2%pa and profit at least 10%pa… pretty easy sums to encourage property investment.
You can afford a house on that salary. Maybe just not exactly where you want it though.
I’ve gotten a home loan with $45K salary.
True. But I doubt I could get the same salary in a regional area.
Where and when did you get that home loan?
On an 80k salary Westpac were willing to give me a 730k loan at 6.5%. Obviously that's completely and utterly absurd.
I'm on 72K and I have a mortgage. We make it work.
$72k is just you, isn't it? Doesn't your wife have an income? In one of your previous posts, you mentioned that your job is a contract to contract role. Mortgage plus insecure job can be a disastrous combo, unless you already have something to fall back on.
I know lots of people on a lower salary with a mortgage. They make it work too, but they budget to the last dollar. Sometimes they can't even come out for an unplanned lunch. I definitely wouldn't call that 'comfortable'.
Yep that's just me. Wife doesn't work at the moment as she's expecting our first child.
My job is contract based but without saying what it is I am somewhat secure in it and am not in any sort of danger of losing work. I always have something to fall back on though which is nice.
We are probably in the category of not being able to go out for an unplanned lunch but having said that we don't really do that sort of thing anyway.
@Morphio25: Are contractors able to get a home loan? As i thought banks dont consider contactor work as full time work?
@Aerith-Waifu: In my case yes. Six months was the minimum they were prepared to consider and luckily for me the signing of a new six month period coincided with signing the loan so it all worked out. It helped that I had a sizeable chunk of change to put towards the deposit too.
@Aerith-Waifu: Yep got mortgage in 2015 working as a contractor for US. as long as you can show regular income over a couple of years they'll treat you pretty much normal and look at tax returns, and then there's other options like low doc etc too.
@Aerith-Waifu: Yes only been at a contracting job for 5 weeks, provided 2 payslips and got approved for the loan. FTE income around 250k though.
Agreed! I have spent a number of years like that. Not fun.
mortgage…… $500k or $1M …..
In a similar boat and have no issues getting by with mortgage, you don't need a massive salary if you are good with money and plan long term.
unless you don't live in melbourne or sydney
Seriously though, if you can't live comfortably on $1000 a week after mortgage something is wrong.
if you can't live comfortably on $1000 a week after mortgage
It depends on how old someone is. If someone is in their retirement years, then $1000 might be plenty. But if you're younger than that, say 30s, it's enough to spend, but you also need to save a little too (so you're not living pay to pay and there's money for things like a car breakdown or something). There's also other expenses like strata, utilitles, petrol, car maintenance, etc. The cost of living seems to have gone up so much. At that age, a big portion of that spending will probably be for social activities. Eating out, drinking, etc.
I hope you read the "AFTER MORTGAGE" part,
$1000 after accommodation is a lot for 1 person, even living in Sydney
I work in Sydney, I work with people in their 30s earning 100k+
NONE of them are spending regularly $1000 a week after their mortgage/rent is paid.
No where near that, $1000 after rent/mortgage is a lot of money, most people would be saving 1/3 to half of that after all their expense and social activities
@Baghern: I think $1000 is enough to live on during the week if someone doesn't need to save anything. For example, for someone currently renting and trying to save a deposit for a house, saving $500 of the $1000 (it will still take a long time to save a sizeable deposit) and they'll only have $500/week to spend. That sounds like a lot, but it isn't very much at all.
If you have two kids in childcare 5 days a week, that's your $1000 gone almost immediately, so not really.
If you're spending 1000 a week on Childcare… you're earning a lot more than that
Someone spending that much is also most likely part of dual income…
You can make up as many unique examples as you want… why not 10kids
you're trying to place a unique example on a general example.1000 a week after a mortgage is a lot of money for the average person.
I live in Sydney most people I know who have that much after their rent/mortgage are saving a big chunk of it for another investment property
Then again I know people struggling on 200k… their so called "needs" include a $100 BMW rubbish bag for their car.
Someone on $100k a year, after tax income of $75k
If they were to spend $23k on the mortgage
They will have the $52k, $1k a week to spend on other expenses.If you think someone is struggling on $100k…
@Baghern: Having 2 kids in childcare is a very standard situation. 10 kids is not.
Childcare is very expensive but its supposed to get cheaper for 2+ kids from March.@Baghern: Nope. Just one income for the last 3 years (eldest is 3 years old). Partner is only returning to work this year on a part time basis 2 days a week. It's been a real struggle especially as a PAYG employee where there are minimal avenues to reduce income tax.
How is having 2 kids in childcare a unique example? Most if not all my colleagues have 2 or 3 kids in childcare. I've never met anyone with 10 kids. There are many in my situation where we are down to 1 income momentarily or have two incomes and and have two kids in childcare. $100k gross salary would be an absolute struggle with a young family of two kids.
Depends. Some people can live on instant noodles 2 days a week. Others say if they can't eat out twice a week and go to the theatre once a month you're torturing them.
And then there are those who cry they are starving to death, yet 10yrs later they are still here, "starving to death".You remember those "home budget" reality tv shows long ago?
"I can't afford 3 meals a day for my family"
"How about cut that $30 you spend a day on smokes?"
"Aww can't do that"
Haha, reminded me of a news story on this council housing family. They were complaining about poverty, yet in the background you could see the kids playing with the latest console on a massive TV.
My household income is less than that, have mortgage and 2 kids and living very comfortable. Buying a house in 2015 probably helps.
I wouldn't be able to comfortably live off that.
≥ MLS threshold
It's more expensives versus income.
If you own a home 80 K is fine
Depends on your expenses - if you earn more than expenses and can save comfortably, then you are "good"
My rough numbers. Mortage $2.3k - take home income after tax between wife and I are $8k/mo - saving about $2k/mo - I say we're doing "good", but this is only very recent that we've reached this point and we're in our mid 40's
Our monthly grocery bill for a family of 4 over the last 2 years has crept up to $2500 a month. Throw in car expense, bills, medical, clothes, entertainment etc and $4k a month is not hard to reach.
What kind of presige foods are you guys eating? By comparison, our family of 9 (2 adults, kids range from 1yo -> 13yo) with 4 in nappies, 1 drinking formula and two kids who absolutely refuse to eat what everyone else does are at $1,300 a month though it's usually less, and we buy meat from a butcher and don't live a conservative life by any means.
@MrKnowItAll: Nothing special. I cook all our meals using fresh vegies and meat everyday. We maybe get take away one time a month. Honestly I wish I knew where it all goes, every weekend our big shop is about $200-$250 then every time I 'pop down to the shop' to get something we need I feel like I leave about $50 poorer.
@klonky: $250/week seems reasonable for 4 if you're getting quality food. Stop popping to the shop. Plan ahead and make sure you have everything you'll need and don't do more than 1 top up shop (your figures suggest you're popping to the shop nearly every day).
I mean, if you want. You seem to have enough money, so do whatever you like.
@klonky: I'd say snacks, thats usually what i pop down to the shops for and its also around $50, weekly shopping is also the same.
@klonky: You eating A5 wagyu or something? jeez. Are you sure you're spending $2500 on groceries monthly because that's $89 per day :/
@MrKnowItAll: damn, that is amazing. we are a family of 4 and spend 3k. including dining out (2 3 times a week maybe) and kids clothes (not even every month)
@MrKnowItAll: If you don't buy processed stuff, only fresh meat, fruit, veges, it can rack up very quickly.
I'm spending around the same, zero processes foods, like frozen pizza etc etc, everything fresh. Its expensive.
Wow. The wife and I would spent maybe $200 per month on food. Maybe a little more if we get some take away during the month. Includes lots of fruit and vege, salmon, barramundi, some meat too.
The wife and I would spent maybe $200 per month on food
vege, salmon, barramundi, some meat too.
Really? Do you eat 10 grams each? Salmon $30 a kilo, barramundi $30+ a kilo, pretty much any beef is $30+ a kilo.
Would love to know how you buy all this for 2 people for $50 a week.
@xiaoli: I don't even know what Harris farm is, beef/seafood/etc is expensive no matter where you go, and I call complete BS on feeding 2 people for a month for $200.
@PumpkinHater: $6.60 a day for 2 people? It's possible if you have weetbix for breakfast, hot water instead of coffee, and home brand two minute noodles for lunch and dinner.
@brendanm: Perhaps. But it can also be done by making your food from scratch. I have also found that a vegan or vegetarian menu is also much cheaper compared to a regular menu consisting of meat.
@brendanm: When I buy meat the most I ever pay is $18.99 a kilo I don't even consider paying more than that. Yes those premium cuts look nice but I have to budget like a lot of people.
I cook in bulk and $2500 is probably 2 years supply of food for me. Tall male who burns calories in the gym, too, so I'm not just eating discount apples
far out 2500 on food alone a month. sheeeeeeeit
family of 4, spend about 1200 a month.
@MrThing: I'm still trying to understand how $250/wk + $50 occasional shop ends up at $2,500 a month. Some special maths going on here.
Yes, because there are no other bills at all, ever 🙄
so you also spend 4k a month on bills do you? should probably stop paying loyalty tax
Good > $200K