[Leon Della Bosca]

There’s an engaging question that has emerged from the recent Great Aussie Debate survey: “What annual income would put you in the category of ‘well-off’ in 2023, considering Australia’s escalating living costs, increasing interest rates, and surging inflation?”

Responses indicate the wealth watermark at anything north of $250,000, with the mean calculation coming in at $303,000.

Interesting, 55% of the approximately 50,000 Australians surveyed considered the annual income of $250,000 opulent, with nearly a fifth placing this requirement in the $200,000-$250,000 bracket. An additional 15.9 percent placed financial affluence between earnings of $150,000 and $200,000.

ABS data shows the median Australian wage sits at $94,000. Probing deeper, we discovered that 6.7% of respondents considered incomes ranging from $100,000 to $150,000 to signify wealth, whereas 2.6% were content with earnings between $80,000 and $100,000.

Perspective on wealth varies drastically amongst diverse age brackets and states. NSW demanding higher earnings to consider one wealthy.

How much do you think someone has to earn before being considered ‘rich’?

[Holarsson]

10000$ per month, I guess

[Peter Sutton]

I once read results of a University research study examining wealth. Those receiving under $100,000 considered it wealthy. Those at $100,000 considered $250,000 as high. Those at that level thought rich was $500,000. Those individuals considered rich as $1,000,000 plus.

I remember a profile of Michael Edgely from the 1980’s. He stated, “ You are not rich until you have $100Million.

The reality is that the overwhelming majority are not rich. The median income ( halfway point- half earn above and half below) is $52338 according to ABS at 2022.

It’s interesting to note the figures.

Yet,we must also remember wealth inequality is growing within Australia. Extreme examples, but let’s consider Qantas. The Chairman Richard Goyder received a $100,000 pay rise.All directors also received increases in fees. At a time they are imposing a wage freeze.

Many of our cohort are existing on Jobseeker. A number of reasons including medical conditions, inaccessibility to the Disability Pension, and delayed access to the age pension 67.

We cannot discuss income, without looking at the other side of the coin.

[Steve Owens]

Saying the “average” wage is $94,000 is crazy. If you took out wages over $100,000 and wages under $50,000 you would have a real figure. I feel the real average wage paid should be around $75,000. The ABS figures are skewed by including pensioner payments. A wage should only be income for actual work done by the recipient, and nothing else.

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