The Australian Taxation Office has compiled data from the 2019-20 tax returns of more than 14 million Australians to reveal the wealthiest and poorest postcodes across the country, with one area making a dramatic jump to the top in just 12 months.

The statistics show the country’s most affluent now live in Perth, with Cottesloe and Peppermint Grove residents in Western Australia (postcode 6011) making an average of $325,343 in taxable income.