Your parents probably taught you that you shouldn’t compare yourself to others, but sometimes it can be fun to look at what others are up to – particularly when it comes to money.
We’ve already had a look at the 10 postcodes with the highest amount of lost and unclaimed super, so now we thought it was time to look at the 10 postcodes with the highest average member balances.
Based on taxation data from 2016-17 released by the Australian Tax Office, the postcode 3944 is at the top of the list. Covering the Victorian suburb of Portsea and its surrounds, the postcode has an average super balance of over $1.48 million.
| Ranking | Postcode | State | Average balance |
|---|---|---|---|
| 1 | 3944 - Portsea and surrounds | VIC | $1,488,929 |
| 2 | 2108 – Palm Beach and surrounds | NSW | $859,572 |
| 3 | 3142 – Hawksburn and Toorak | VIC | $780,243 |
| 4 | 2027 – Point Piper and surrounds, | NSW | $647,555 |
| 5 | 3943 – Sorrento and surrounds | VIC | $594,278 |
| 6 | 3929 - Flinders and surrounds | VIC | $543,398 |
| 7 | 3186 – Brighton and surrounds | VIC | $499,869 |
| 8 | 2030 – Vaucluse, Rose Bay and surrounds | NSW | $488,436 |
| 9 | 2110 – Hunters Hill and surrounds | NSW | $481,387 |
| 10 | 3126 – Canterbury, Camberwell East and surrounds | VIC | $477,524 |
Interestingly, the list of the top 10 postcodes with the highest median member balances looks a little different.
For those of us who have forgotten what we learned in our high school maths classes, the average balance is determined by dividing the total super held in the suburb, by the number of super accounts in the suburb.
However, this average balance can be skewed by balances that are either much higher or lower than most, which means you might not get the most accurate picture of what the typical super balance actually looks like.
The median balance, however, is the number that sits right in the middle of the highest and lowest – half the balances on either side of the median are lower, and half the balances are higher.
While 3944 also comes out on the top of this list, there’s a significant difference in the size of the balance – to the tune of about $1 million.
| Ranking | Postcode | State | Median balance |
|---|---|---|---|
| 1 | 3944 – Portsea and surrounds | VIC | $486,559 |
| 2 | 3943 – Sorrento and surrounds | VIC | $149,695 |
| 3 | 2600 - Canberra and surrounds | ACT | $149,363 |
| 4 | 3929 – Flinders and surrounds | VIC | $136,134 |
| 5 | 3225 – Queenscliff, Point Lonsdale, Swan Bay and surrounds | VIC | $125,620 |
| 6 | 3126 - Canterbury, Camberwell East and surrounds | VIC | $123,127 |
| 7 | 2605 – Curtin, Hughes, Garran and surrounds | ACT | $122,485 |
| 8 | 3193 – Beaumaris, Cromer, Black Rock and surrounds | VIC | $120,877 |
| 9 | 3789 – Sherbrooke and surrounds | VIC | $120,658 |
| 10 | 2619 – Jerrabomberra and surrounds | NSW | $119,512 |
Welcome to Super Chats, a podcast helping you learn about super. We know super can be complicated, so with Super Chats we want to demystify superannuation so you can tell your binding beneficiaries from your non-concessional contributions.
We asked a few members of the Qantas Super team why they started making voluntary contributions, and the benefits they’ve seen in making those contributions.
According to the Association of Superannuation Funds of Australia (ASFA), around 80 percent of women are currently retiring with insufficient super savings to fund a comfortable lifestyle, with the average balance for women at retirement sitting at around $85,000 less than the average for men. But there are a number of quick, easy things women can do to take control of their super.
If you need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.
