It used to be a sign that you’d made it. But times have certainly changed. (Source: Supplied/Getty)
Not very long ago, having a ‘six figure’ salary was a universally accepted benchmark for someone in a very comfortable financial position. But today, the average full time Aussie earns around $2,011 each week or $104,600 each year according to ABS data. With the rising cost of living, housing prices and rents, and everything in between, earning six figures no longer separates you from the pack, it is the pack.
Even earning at this level, there are a lot of chunky expenses that are competing for your paycheque, so it’s no wonder it’s still a struggle for people to get ahead.
Firstly you’ve got tax, which is the biggest cost for most households. On a $120,000 income, you’ll pay tax of over $29,000 each year, meaning a quarter of your income is gone before…
