Finding your six-digit pay cheque


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Finding your six-digit pay cheque

Lucrative salaries can be found in along all sorts of career paths, but there are some industries that are more generous in their pay cheques than others. In today's job climate - on top of hard work and experience - securing a job that pays generously requires a job seeker to be open-minded, develop skills suitable to boom industries, and be flexible about where and when you work i.

Figures from the Australian Bureau of Statistics reveal Australia's top income earners are working at the mines.

Where the money's at

In Australia, miners, engineers, dentists, veterinary scientists, optometrists and accountants are among the highest paid positionsii. Not surprisingly, the 2012 Survey of Average Weekly Earnings conducted by the Australian Bureau of Statistics (ABS) found that Australia's top income earners are concentrated in the booming mining sectoriii. In May 2011, the mining industry recorded the highest average weekly ordinary time earnings (AWOTE) for full-time employees: male employees were earning an average of $2,181 per week and women, $1,723 per weekiii. Conversely, the data showed that employees in the Retail & Food and Services sectors were among those with the lowest average weekly earningsiii.

While these figures provide a rough indication of where the high paying jobs are in Australia's job market, earning a six figure salary is not confined to these industries. According to Darren Buchanan, director of national recruitment firm Hays, getting a higher salary comes down to broadening your skills to gain wide-ranging employability in various industriesii.

Life insurance can provide financial security to you and your family in the event you become seriously ill or injured, and rendered unable to work.

Providing for the important things in life

A high paying job can help us to build the lifestyle we desire. However, keeping our day-to-day spending in check is equally important.

According to the ABS, in Australia the higher a household's income and the more assets held, the more likely that household is to borrow money and accrue debtiv. In the 2005-06 financial year, the top two income quintiles in Australia accounted for 62% of owner occupier debt and 73% of rental property debtiv. The total amount of debt owed by Australian households increased almost six-fold between 1990 and 2008iv: in 1990, household debt was almost $190 billion but by 2008 the number was almost $1.1 trillioniv.

A high paying job not only affords us the creature comforts we desire, but also provides for the important things in life: financial security for you and your family. In the event you are no longer able to earn an income due to a critical illness permanent injury or even death, the quality of life you have worked hard to build may be undermined. What's more, your family could be left to deal with the financial burdens of a mortgage and accruing debts from outstanding loans.

Taking out a life insurance policy could save you from these financial woes. Get a quote online from Allianz today.


i Koch, D. & Koch, L., 2012, How to find a high-paying job, news.com.au, http://www.news.com.au/money/david-and-libby-koch/how-to-find-a-high-paying-job/story-fn7kicty-1226288631028

ii Bela, D., 2012, How to earn a six-figure salary, Career One, http://career-advice.careerone.com.au/salary-employee-benefits/salary-negotiation/how-to-earn-six-figure-salary/article.aspx

iii Australian Bureau of Statistics, 2012, Year Book Australia, http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/1301.0~2012~Main%20Features~Earnings~299

iv Australian Bureau of Statistics, 2009, Australian Social Trends – Household Debt, http://abs.gov.au/AUSSTATS/abs@.nsf/Lookup/4102.0Main+Features60March%202009