Mark Butler may tell us GPs are earning $350k to $450k, but they’re certainly not doing it in their first five years. Not even close.
First-year GPs earn just $106,050 per annum but experience a 42.9% rise in income to $151,550 five years after graduation, according to new data from Jobs and Skills Australia.
The agency released its Higher Education Outcomes – Exploring Administrative Data report today, using linked administrative data to detail how university graduates transition from study into work and how careers can progress over time.
The national average annual income is $104,000, but the median salary of $88,400 pa is considered a more accurate perspective given the tendency for exceptionally high earners to skew the national average upwards.
The national average annual salary for first-year graduates is just $65,257, rising to $85,918 five years post-graduation, says the report.
Other medical specialists do better in their first year after graduation according to the figures with an average salary of $109,560, rising 34.04% to reach $146,850 after five years.
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Only mining engineering graduates do better than doctors, earning almost $120,000 in their first year, rising to 152,390 five years post-graduation.
Biomedical engineering graduates are at the bottom of the list, earning just $63,720 in their first year out of university, but experience a steep rise of 52.24% to $97,010 after five years in the job.
Geologists experience the sharpest rise over five years, climbing from $68,750 in PGY1, to $115,270 in PGY5, an increase of 67.67%.
Read the full report here.
