BackgroundBreast cancer survival in Australia varies according to socio‐economic status (SES) and between rural and urban places of residence. Part of this disparity may be due to differences in prognostic factors at the time of diagnosis.MethodsWomen with invasive breast cancer diagnosed from 2008 until 2012 (n = 14,165) were identified from the Victorian Cancer Registry and followed up for 5 years, with death from breast cancer or other causes recorded. A prognostic score, based on stage at diagnosis, cancer grade, whether the cancer was detected via screening, reported comorbidities and age at diagnosis, was constructed for use in a mediation analysis.ResultsFive‐year breast cancer mortality for women with breast cancer who were in the lowest quintile of SES (10.3%) was almost double that of those in the highest quintile (5.7%). There was a small survival advantage (1.7% on average, within each socio‐economic quintile) of living in inner‐regional areas compared with major cities. About half of the socio‐economic disparity was mediated by prognostic factors, particularly stage at diagnosis and the presence of comorbidities. The inner‐regional survival advantage was not due to differences in prognostic factors.ConclusionsPart of the socio‐economic disparity in breast cancer survival could be addressed by earlier detection in, and improved general health for, more disadvantaged women. Further research is required to identify additional causes of socio‐economic disparities as well as the observed inner‐regional survival advantage.