The highest paying job in Australia is a physician. It must be known, though, that there are many different types of physicians. The highest paid of all physicians is the Physician Anesthesiologist, earning an average of AUD $124.00 per hour. Coming in as the second highest paid physician is the Internal Medicine Physician (General Practitioner) with an average hourly wage of $88.00. While most remaining specialty physicians, including Gynecologists, Radiologists, Dermatologists, Cardiologists, Orthopedics, and Gastroenterologists come in earning $69.00 per hour. This is a stark contrast to the lowest paying job in Australia of a Pharmacy Sales Assistant earning $18.00 per hour.
Each state in Australia regulates the salaries of physicians. The highest paying states for physicians in Australia include Queensland and Western Australia, while the lowest paying states include Tasmania and New South Wales. On average, the earnings of male physicians is roughly 25% more than female physicians, and physicians in the inner regions of Australia earn 5% more than physicians in the major cities of Australia. Most of the highest paid physicians are employed in private hospitals earning an average of $350,000, while the lower earnings are made in public hospitals averaging $250,000. The common saying of more hours equals more salary does ring true in the case of physicians. Physicians work an average of 55 hours a week after over-time hours, plus have on-call hours to consider as well. There have been reported shifts as long as 43 hours in public hospitals, however most shifts average 12 hours. Shifts longer than 12 hours are known to cause fatigue and burnout among physicians, particularly in a hospital setting. Some physicians elect to go in to private practice, either right out of medical school or after being employed in a hospital. The hospital is a good starting place, however, because you can building much needed relationships and gain financial security before venturing off on your own. Private practice physicians, choosing their own hours and practicing medicine with their own flair, earn on average four times as much as physicians in a hospital and spend many more hours with paperwork for insurance reimbursement.
Being a physician requires extensive schooling and training. A candidate would first need to earn an undergraduate degree, requiring an average four years of schooling. After being accepted into a Medical program, another four years will earn you a doctorate degree (M.D. or D.O). Followed by three to five years, depending upon the specific specialty chosen, of residency training allowing you to practice under the supervision of an attending physician. Due to a rise in the number of medical schools opened throughout Australia in the past seven years, the competition for finding employment as a physician has drastically increased; particularly in the higher paying positions. Even though physicians are the highest earners in Australia, they are left with large amount of debt from attending medical school and have high malpractice insurance premiums to pay. They earn their high salaries, which the knowledge they have obtained and hours they have dedicated to their career.