By Matt Mckenzie Matt McKenzieper
New figures have showed just how much cash is earned in Perth鈥檚 wealthy western suburbs as Western Australia鈥檚 powerhouse economy pays dividends.
Topping WA鈥檚 charts were leafy-green Cottesloe and Peppermint Grove, where residents enjoyed an average income of $213,621 in 2022-23, tax office data released Friday showed.
The luxury locale slipped from the country鈥檚 second-richest postcode to ninth place after earnings dropped 28 per cent.
Yet average income was almost five times the farming region of Cranbrook in the Great Southern, which ranked as the poorest postcode.
The names at the top of WA鈥檚 wealthiest places remain largely unchanged and centre on the so-called golden triangle 鈥 including Mosman Park, City Beach, Dalkeith and Nedlands.
鈥淭here鈥檚 no surprise when you look at which suburbs are top of the income pile,鈥 Committee for Economic Development of Australia chief economist Cassandra Winzar said.
鈥淲A has had a really good run of economic growth recently that鈥檚 flowed through to higher wages for many people . . . really good investment returns and business profits.鈥
But she warned that the benefits had not been distributed evenly.
Lower income earners were hit hard by inflation 鈥 especially for basics like rents 鈥 and there was a risk inequality would grow, Ms Winzar said.
The western suburbs look set to remain entrenched at the top of the list thanks to eye-popping property values.
More expensive homes attract higher-income buyers in what KPMG urban economist Terry Rawnsley said was a self-reinforcing cycle.
鈥淚t鈥檚 a prestige location. You need a (high income) to get into the property market there,鈥 Mr Rawnsley said.
Over the longer term, incomes have lifted on average thanks to WA鈥檚 resources sector.
Mr Rawnsley said middle-ring suburbs near Perth鈥檚 CBD were 鈥渉eading up the league table鈥 compared to interstate. Yet he said a lack of density and unaffordable housing was also pricing many West Aussies out of these suburbs and forcing them further from the city.
In regional WA, some parts of the resources-rich Pilbara 鈥 towns dependent on mining and gas 鈥 were spinning out cash, led by Dampier and Pannawonica.