What makes a pokie pay well
"Best paying" can mean two things, and it helps to separate them. The first is return to player. A pokie with a 96.8% RTP is designed to pay back A$96.80 for every A$100 wagered across millions of spins, a house edge of 3.2%. One at 94% keeps A$6 of every A$100. Over a long run, that gap nearly doubles the cost of play. If you play a lot, the RTP is the single most important number on the info screen, and high RTP pokies are simply cheaper entertainment per hour.
The second meaning is the biggest possible win, which is what most people mean by the highest paying pokies. Here the ranking flips. Games with enormous ceilings, such as Nolimit City's Tanked at 25,000x the base bet, put a large share of their return into very rare outcomes. Their RTP can be perfectly normal, at 96.04% in Tanked's case, but most sessions will return less than average because the average is propped up by results you will probably never see.
Volatility ties it together
Volatility describes how a pokie spreads its return. Low-volatility titles such as Starburst, with a published hit frequency of about 23%, pay small amounts often. High-volatility ones pay rarely and in bigger lumps. Two games with an identical RTP can feel opposite. If you want the best paying Australian online pokies for a long, steady session, choose high RTP with low or medium volatility. If you want a shot at a life-changing multiplier, accept that most sessions will end early.
A worked example
Take a A$200 budget and A$1 spins. On a 96.8% game, 200 spins have an expected cost of about A$6.40. On a 94% game, it is about A$12. Both figures are averages; you might double your money or lose the lot. But if you play the same budget every week for a year, the difference adds up to roughly A$290. That is the case for checking RTP before every new game.