Internal medical specialists remain among the best paid professionals in Australia, although average earnings do vary widely between specialties, Australian Taxation Office data show.
Figures comparing the 2019-20 and 2021-22 financial years show that, among physicians, endocrinologists experienced the highest percentage increase in mean taxable income at 16.9%, rising from $257,975 to $301,463.
Cardiologists maintain their position as the highest-paid internal medicine specialists, with mean taxable income reaching $513,526 in 2021-22, up 10.6%. Gastroenterologists remain the second-highest earners at $429,369, though their income growth was more modest at 6.8%.
At the other end of the scale, rheumatologists and respiratory physicians saw the smallest increases, both at 5.1%. Rheumatologists’ mean taxable income rose from $261,289 to $274,708, while respiratory physicians’ income increased from $331,974 to $348,826.
Paediatrics remains the lowest-paid RACP specialty, with mean taxable income of $266,783 in 2021-22, though it showed solid growth of 10.8% from its 2019-20 figure of $240,800.
Overall, internal medicine specialists had the third highest average taxable incomes of any broad occupation group for 2021-22, behind only anaesthetists and surgeons.
Nephrologists had a mean taxable income of $301,336 while dermatologists had an average taxable income of $315,361.
The figures represent taxable income from all sources, not solely clinical practice. Included are earnings from private practice, public hospital work, research, and other professional activities.
Based on this, medical careers represented 28 of the top 30 highest earning occupations, with judges and magistrates the only other workers in that group.
Otorhinolaryngologist was the top paid occupation overall, with a mean taxable income of $576,925, followed by neurosurgeon and urologist.
Practice managers earned an average taxable income of $83,205, and registered nurses between $86,343 and $62,267, depending on specialisation and setting.
There was also a significant gender gap in median incomes across all specialties, although this did not include differences in working hours.