The medical field in Australia offers a wide variety of specialties, each with its own unique path, responsibilities, and rewards. For doctors, the journey from intern to consultant is long, but it can lead to a fulfilling and lucrative career. Understanding the earning potential at different stages is crucial for those deciding on a specialty or planning their career path.
This article provides an overview of some key medical specialties in Australia, alongside the average salaries for doctors during their intern, registrar, and consultant stages.
The path from intern to consultant
Before diving into specialty-specific salaries, it’s essential to understand the stages of medical training:
1. Intern (PGY1): The first year after medical school, where junior doctors work under supervision in various rotations (e.g., surgery, general medicine).
2. Registrar (PGY3+ to PGY8): After completing internships and often a residency (PGY2), doctors apply for specialist training programs, working as registrars under supervision in their chosen specialty. This period can last several years.
3. Consultant: Once a doctor has completed specialist training and passed the required exams, they can become a fully qualified consultant, the highest level in their field, and work independently.
General Practice (GP)
GPs have significant control over their income and lifestyle, particularly if they own or partner in a private practice, where income can be substantially higher depending on location and patient volume. Rural GPs also receive additional financial incentives due to the shortage of healthcare professionals in those regions. Income can also vary depending on whether they predominantly bulk bill or privately bill their patients.
– Intern salary: $70,000 – $85,000 per year
– Registrar salary: $95,000 – $180,000 per year
– Consultant salary: $200,000 – $350,000+ per year
Surgery
Surgery is one of the most lucrative but demanding medical specialties, requiring many years of training and dedication. Consultant surgeons, especially those working in private practice, can earn well over $600,000 annually, depending on their specialty and workload. Subspecialties like neurosurgery and cardiothoracic surgery tend to offer higher earning potential due to their complexity and high demand. Surgical income can also vary significantly depending on the balance between public and private work. Surgeons who primarily work in the public sector typically earn a fixed salary, which may offer less flexibility but provides job security and structured working hours. In contrast, surgeons with a higher proportion of private work can see substantially higher earnings, as private practice often allows for greater control over fees and patient volume. Balancing both public and private work can offer a mix of stability and increased earning potential.
– Intern salary: $85,000 – $110,000 per year (PLUS OVERTIME)
– Registrar salary: $140,000 – $220,000 per year
– Consultant salary: $450,000 – $1,000,000+ per year
Anaesthesia
The pathway to becoming an anaesthetist involves several years of specialised training following general medical training. Like surgeons, anaesthetists working in private hospitals or running their own practices tend to have higher earning potential. Anaesthetists are also in demand for pain management and critical care services outside of surgical settings. Income varies based on the split between public and private work.
– Intern salary: $70,000 – $85,000 per year
– Registrar salary: $120,000 – $170,000 per year
– Consultant salary: $400,000 – $600,000+ per year
Emergency Medicine
Emergency medicine consultants working in metropolitan hospitals can earn on the higher end of the spectrum, while those working in rural areas may benefit from additional incentives or rural loading. Income varies based on the split between public and private work and if you work in retrieval medicine.
– Intern salary: $70,000 – $85,000 per year
– Registrar salary: $120,000 – $170,000 per year
– Consultant salary: $380,000 – $520,000 per year
Paediatrics
While paediatricians typically earn less than some surgical or procedural specialties, they play a critical role in the healthcare system. Consultants in private practice or specialised paediatric hospitals may earn more, particularly if they subspecialise in areas like neonatology or paediatric oncology. Higher earnings are often linked to community paediatrics, but public job opportunities can be limited.
– Intern salary: $70,000 – $85,000 per year
– Registrar salary: $110,000 – $150,000 per year
– Consultant salary: $330,000 – $600,000+ per year
Psychiatry
This specialty is becoming increasingly important as mental health awareness grows and demand for psychiatric services rises. Psychiatrists working in private practice, especially those who consult with private hospitals or other organisations, can have higher earning potential. The demand for mental health services in both urban and rural settings also creates opportunities for financial growth.
– Intern salary: $70,000 – $85,000 per year
– Registrar salary: $120,000 – $160,000 per year
– Consultant salary: $330,000 – $500,000+ per year
Obstetrics and Gynaecology (O&G)
They may work in hospitals or private practices, delivering babies and treating conditions related to women’s health. Consultants who specialise in high-risk obstetrics or gynaecological surgery can earn significantly more, particularly in private practice. Like other procedural specialties, the income can vary based on the complexity of cases and patient volume.
– Intern salary: $70,000 – $85,000 per year
– Registrar salary: $140,000 – $200,000 per year
– Consultant salary: $380,000 – $600,000+ per year
Medical career isn’t always about the dollars, which makes financial planning even more important
Choosing a medical specialty in Australia is a major decision that affects not only your future income but also your lifestyle, family life and professional satisfaction. While some specialties offer higher financial rewards, others may provide a better work-life balance or align more closely with your personal interests and values.
At each stage of your career, from intern to consultant, your salary will increase as you gain more responsibility and expertise. Understanding these averages can help you make informed choices as you advance through the medical profession.
Beyond ensuring compliance with regulations, effective medical financial planning is crucial for long-term financial success. It extends into integrated tax planning, helping doctors minimise tax liabilities while maximising their after-tax income. Debt management is also essential, particularly for those who graduate with significant student loans or take on practice-related debt.
Medical families should also leverage their career growth with a focus on investment strategies to grow their wealth and secure their financial future. This makes asset protection equally important, as it safeguards personal and practice assets from potential legal or financial claims.
Regardless of your salary or expected average income, comprehensive financial planning tailored to the unique needs of medical professionals ensures the financial health of your personal portfolio while you achieve your professional goals.
For information on how Walshs can help you on your financial journey call 07 3221 5677 or email enquiries@walshs.com.au.
