Can a Psychiatrist afford to live in Melbourne?

Excellent78% of take-home left to save — you can save aggressively here.
Median salary (gross)
Psychiatrist · Melbourne
$291,503
Income tax (~35% effective)
Australia
– $102,026
Take-home pay
$15,790/mo
$189,477
Living costs (1 person)
$3,500/mo · derived
– $42,000
Savings potential
$12,290/mo · 78% of take-home
$147,477

Single professional, after-tax. Salary − tax − living costs = what you could save each year.

Full salary breakdown →Is this a good salary in Melbourne? →Compare Melbourne with another city →

How we calculated this

• Salary: OECD 2024 median for Psychiatrist, adjusted for Melbourne.

• Tax: Australia single-filer effective rate (~35%). Official calculator.

• Living costs: derived from cost-of-living index for a single professional.

Planning estimates, not financial or tax advice. Updated 2026. Your situation will differ.