Sydney residents 'need $100,000 to live comfortably'

Wednesday 02 June 2010

Article by Mozo

Almost half of Sydney’s residents believe they need to earn at least $100,000 to live comfortably, it has been revealed.

According to a poll by Sydney Business Chamber, 47 per cent of Sydneysiders now think the city requires a six-figure salary – double the proportion just three years ago.

However, the survey found that only 15 per cent of Sydney’s residents currently have an income of $100,000 or more.

As the Daily Telegraph observed, that figure is more than double the national percentage, with the Australian Taxation Office finding that just six per cent of Australians have a taxable income of more than $100,000 a year.

Commenting on the poll, Sydney Business Chamber executive director Patricia Forsythe said: "People who don’t do well are often those in the public sector where it doesn’t matter if you’re in Wagga Wagga, Gulargambone or Sydney – if you’re a first-year teacher you earn the same."

Australians wishing to get more from their money may look to compare savings accounts in search of the best returns. Last week, the online bank RaboDirect urged people to transfer their spare funds from everyday transaction accounts into high interest savings accounts.

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