Jun 17, 2026 – 6.22pmA seaside suburb that’s home to 787 people and best known as a holiday playground for Melbourne’s wealthy has knocked off Sydney’s eastern suburbs as the place with the nation’s highest average taxable income.Capital gains helped Portsea, on the Mornington Peninsula, record an average taxable income of $321,988 in the 2023-24 financial year, according to new data from the Australian Taxation Office.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Victoria tops Sydney as home to nation’s richest postcode
With an average taxable income of $321,988, for the first time a suburb in the southern state becomes the wealthiest area in the country.
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