Young woman sparks debate over how much you need to earn to live comfortably in Australia

By PRANAV HARISH FOR DAILY MAIL AUSTRALIA

Published: | Updated:

Australians have been left divided over what salary would be comfortable enough to live on during the cost-of-living crisis. 

Gold Coast woman Hannah Elliott, who works as an associate financial advisor, took to TikTok in November to ask how much was necessary to live well.

'I'm curious to know what you think a good salary is,' she asked. 

'What is a number that if you slapped it on your salary you would be like "I'm happy with this, I don't mind if it never goes up again, this is a good salary?"' 

The question sparked a strong debate among hundreds of commenters.

'Good' $120k. Comfortable $80k,' one person wrote. 

'$280k would do me good,' another person replied. 

'$180k would be the ideal amount,' a third added. 

@planyourpennies

Thoughts? #paytransparency

♬ original sound - Hannah | Fierra Wealth
Hannah Elliott (pictured), who works as an associate financial advisor, uploaded a video to TikTok in November to pose the subjective question to social media users

Hannah Elliott (pictured), who works as an associate financial advisor, uploaded a video to TikTok in November to pose the subjective question to social media users

Others shared how much they get paid in their current job and how their earnings impact their lifestyle. 

'My partner is on $150k and no degree or education past Year 11… I'm a nurse and he earns way more, but our combined income is "good",' one person wrote.

'I'm only on about $85k per year at the moment, which to me is not amazing considering my partner earns nearly double with no degree,' another person wrote. 

'I'm currently on $110k - $120k and honestly I struggle to have any fun money whilst having savings, good super and investments which is why I want more!' a third chimed in. 

Some said it depends on factors such as interest rates, which affects the price of necessities such as food and groceries and the ability of people to pay off their debts such as students loans.

'You have to account for cost of living inflation. Mine would have to be between $250 - $300k,' one person wrote. 

'Pre-cash rate rises, $120k. Now, $250k adjusted for future inflation,' another person wrote. 

'In today's economy $180k, but planning for the future if it would never go up again ... $250k to accommodate for CPI [consumer price index] to the end of my working life,'  a third added. 

Hundreds of commenters shared how much they get paid in their current job and how their earnings impacts their lifestyle (pictured a shopper in Sydney)

Hundreds of commenters shared how much they get paid in their current job and how their earnings impacts their lifestyle (pictured a shopper in Sydney)

'$130k, no HECS [Higher Education Contribution Scheme], and for that figure to adjust with inflation.'

The Reserve Bank raised interest rates 13 times since May 2022. 

The cash rate has been kept on hold at 4.35 per cent for the ninth consecutive time following the RBA's final meeting for the year on Tuesday. 

Ms Elliott said it's difficult to come to a decisive conclusion about what amount of income reflects a 'good' salary. 

'I think there's no right or wrong answer for what a 'good' income is, it's definitely up to each individual and their lifestyle,' she told Yahoo. 

'There are a lot of factors to consider, such as whether you have children, where you live and your health, to name just a few.'

Ms Elliott also uploaded another video and asked social media users to share what they do for work and how much they earn. 

Financial comparison website Findr conducted a survey of 1,032 respondents and found Aussies believed they need to be earning $345,815 to fund an affluent lifestyle. 

The average salary in Australia is $67,203 and the average salary for entry level positions is $58,353, according to figures by talent.com.

Housing MarketCost of Living CrisisQueensland

Most watched News videos