GOOD looks matter for men - far more than previously believed.

The first Australian study of the financial return for physical attractiveness finds it is worth an astounding $32,150 in annual salary, with men of above-average looks typically commanding $81,750 compared with $49,600 for men with below-average looks.

''People say I'm lucky to be tall'' ... Stephen Zamykal who played AFL and is now a successful businessman, at his Kensington home on Sunday. Credit:Angela Wylie

The authors, Melbourne University economist Jeff Borland and a former Australian National University economist, Andrew Leigh, find the "plainness penalty" more important than the "beauty premium". Men whose looks are rated as below average by door-to-door interviewers typically earn 26 per cent less than average. Men whose looks are rated as above average earn 22 per cent more. For women the effect is smaller and harder to measure.

"I found something similar when I looked at the effect of politicians' appearance on their electability," said Dr Leigh, who is now a Labor MP. "Good looks helped male candidates more than they helped women. It could be that attractive women come up against the stereotype that they can't be both attractive and intelligent. There's no such thing as the dumb-blond syndrome for men."