Australia’s wealthiest electorates revealed by Roy Morgan
Australia’s wealthiest electorates have been revealed — which include the seats of some of the nation’s most controversial prime ministers.
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Australia’s wealthiest electorates have been revealed — which include the seats of some of the nation’s most controversial prime ministers.
New data released in Roy Morgan’s Wealth Report has found the wealthiest electorate is Wentworth in Sydney’s eastern suburbs, where former prime minister Malcolm Turnbull still lives in Point Piper.
The average net wealth per capita was $1,060,000 and median net wealth was $338,000.
The poorest electorate was Spence in Adelaide’s outer northern suburbs, where the average per capita net wealth was $187,000 (17.6 per cent of the Wentworth figure) and median net wealth just $75,000 (22 per cent).
Personal net wealth is calculated by subtracting debt from assets, predominantly equity in owner-occupied homes, plus superannuation.
After Wentworth, former prime minister Tony Abbott’s electorate of Warringah came in second with an average net wealth of $992,000 and a median net wealth of $647,000. It is now held by Zali Steggall.
In third place came Bradfield (NSW), followed by North Sydney (NSW) in fourth spot, Mackellar (NSW) in fifth place and Prime Minister Scott Morrison’s electorate of Cook fell into sixth place.
His electorate has an average net wealth of 856,000 and a median net wealth of $623,000.
Victoria’s electorates of Goldstein and Higgins came in at seventh and eighth place.
Goldstein, whose local MP is Tim Wilson, has an average net wealth per capita of $841,000 and a median net wealth of $462,000 while Higgins, which is held by Dr Katie Allen has an average net wealth per capita of $837,000 and a median net wealth of $252,000.
Western Australia’s electorate of Curtin, held by Celia Hammond, was in ninth place an average net wealth per capita of $818,000 and a median net wealth of $443,000, followed by Treasurer Josh Frydenberg’s electorate of Kooyong.
It had an average net wealth per capita of $775,000 and a median net wealth of $249,000.
Roy Morgan CEO Michele Levine said: “Our data shows that even before the current economic crisis, the poorest 10 per cent of Australia’s population had ‘negative net wealth’, in other words their debts outweighed their assets.
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“They were, on average, almost $21,000 in the red already, while the wealthiest 10 per cent of the population had an average net wealth of just over $2,000,000.”
“Our latest research on the impacts of the COVID-19 crisis found that 3.8 million Australians have had work hours reduced and 2.7 million have been stood down.
“For many this will impact on their assets; around half a million people have already withdrawn money from their superannuation under special pandemic provisions. Consequently, it’s highly likely the gap between the richest and poorest Australians will continue to widen.”
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Originally published as Australia’s wealthiest electorates revealed by Roy Morgan
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