Australians see their salary peak to the highest point in their working lives when they are in their late forties, new figures reveal.
But Australians typically remain on low salaries well into their thirties.
The insights were revealed in Treasury’s Tax Expenditures and Insights Statement on Wednesday.
Those aged 45 to 49 may be battling a mid-life crisis and grey hairs, but they had the highest average personal income of $88,300 in the 2020-21 financial year.
The second highest-paid age group, 50 to 54, typically earned $87,500, ahead of the 40 to 44 bracket on $85,800 during the stage of life more likely to involve a mortgage and raising children.
Australians are more likely to see their salary peak when they are in their late forties. But Australians typically remain on low salaries well into their thirties (pictured is a stock image)
Youths aged 18 to 24 had the lowest average taxable income of $36,500 with many in casual jobs, but this was the most numerous age group in the labour force with 1.86million of them.
The big pay increase then occurred for the 25 to 29 group, who had an average salary of $55,200 during the age when more people have graduated from university.
But Australians typically remain below the middle income for all Australian workers into their thirties, the data on personal income tax filers showed.
Workers don’t tend to have a salary in the middle until their early thirties with the 30 to 34 group earning an average income of $65,500.
In 2021, the median income was $62,400, a level which has since increased to $67,600, with this figure covering part-time and full-time workers.
Australians have to wait until their late thirties to be above the average earnings figure, with the 35 to 39 age group having an average personal income of $76,200.
This was above the average salary of $67,902 in May 2021 which has since risen to $72,753.
But no age group typically earned more than the average, full-time salary of $95,581.
After peaking in the late forties at $88,300, salaries began to decline, dropping to $87,500 for the 50 to 54 group and $80,700 for the 55 to 59 bracket.
Baby boomers earned even less with those aged 60 to 64 making $69,600 as they approached retirement age.
Those people still working after that typically made $55,000, with this figure covering those aged 65 to 69.
Australia’s High Court judges are required to retire by age 70.

Those aged 45 to 49 may be battling a mid-life crisis and grey hairs, but they had the highest average personal income of $88,300 in the 2020-21 financial year (pictured is Brisbane’s Queen Street Mall)

Australians have to wait until their late thirties to be above average with the 35 to 39 age group having an average personal income of $76,200 (pictured are spectators at Sydney’s Royal Randwick Racecourse)
But those still working in the 70 to 74 age group typically made $47,500, as elderly workers did part-time hours to either pay the bills or keep occupied.
The 75-plus group, covering the first baby boomers and those born during the war, on average made $45,700 with 611,000 of them still in the labour force.
When it came to earnings, divided into 10 levels, those in the highest decile earned $237,900, compared with $4,600 for those in the lowest decile when negative income individuals were excluded.
Those in their late forties were in the third-highest income decile covering $75,800 to $95,000.
Men in 2020-21 had an average, taxable income of $79,200 compared with $56,500 for women.

Treasurer Jim Chalmers has released a Tax Expenditures and Insights Statement a week after Labor announced it would keep the 37 per cent marginal tax bracket instead of abolishing it and keeping a 30 per cent bracket for those earning $45,000 to $200,000.

Those under 18 didn’t feature because teenagers are more likely to earn less than the tax-free threshold of $18,200.
Treasurer Jim Chalmers released the Tax Expenditures and Insights Statement a week after Labor announced it would keep the 37 per cent marginal tax bracket, instead of abolishing it and keeping a 30 per cent bracket for those earning $45,000 to $200,000.
Under Labor’s plan, the 45 per cent tax threshold will kick in at $190,000 instead of $200,000 as those earning $18,200 to $45,000 saw their marginal tax rate cut to 16 per cent, down from 19 per cent.
The Stage Three tax cuts cuts, legislated in 2019 when Scott Morrison was Liberal prime minister, were due to come into effect on July 1 this year.
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Read more at DailyMail.co.uk