Portsea has topped Australia’s taxable income table, placing one of the Mornington Peninsula’s wealthiest coastal communities at the centre of the latest national tax figures.
The Australian Taxation Office’s 2023-24 Taxation Statistics show postcode 3944, which covers Portsea, recorded the highest average taxable income in the country, at $321,988.
But the figure sits beside a stark local contrast.
Mornington Peninsula Shire continues to warn of rising homelessness, rental stress and a shortage of social housing across the municipality.
Wealth and housing pressure
The ATO figure measures average taxable income by postcode. It does not measure total wealth, property ownership or household income.
However, the result highlights a growing divide across the Mornington Peninsula.
Council figures show 110 people were recorded as homeless on the Mornington Peninsula as of 30 June 2025, with 75 per cent sleeping rough in tents, cars and foreshore reserves.
More than 948 people also sought support through independently funded homelessness services across the municipality in 2024-25.
Social housing shortage
Mornington Peninsula Shire says the municipality has about 1,300 social housing dwellings, with 2,624 applicants on the waiting list as of 30 June 2025.
Council says some people can wait up to five years for secure housing.
The Shire has also pointed to wider pressure from rental stress, rising rents, limited affordable rentals and low social housing supply.
Council figures show 35.3 per cent of local renters face rental stress, compared with 26.8 per cent across Greater Melbourne.
Only 1.4 per cent of local households are social housing, compared with 2.3 per cent across Greater Melbourne.
Two sides of the same municipality
Portsea’s ranking will draw attention because of its association with prestige coastal property and high-income residents.
But the broader Mornington Peninsula faces deep housing pressure.
Council has called for more investment in social, affordable and crisis housing.
The latest ATO figures place one Mornington Peninsula postcode at the top of Australia’s taxable income rankings.
Local housing data shows many residents still cannot access safe, secure and affordable housing.
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