The shocking price of happiness in Australia
It’s no secret that Australia is an expensive place to live, in fact it is the 13th most expensive country in the world to live in.
But how much money do you need to earn to live comfortably and happily here? Well that question was answered by S Money, using research from a Purdue University study to determine the price of happiness around the world.
Australia carried the third-highest happiness price tag of $190,221 - which is significantly higher than the average Aussie income.
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Data from the Australian Taxation Office (ATO) revealed the average Aussie wage was $68,289 per year.
However, the median Aussie wage - taking the “middle” value, the value for which half of the wages are smaller and the other half are larger - was just $50,980 per year.
Only 4.1 per cent of the entire working population of Australia earned more than $180,000 per year, the ATO revealed.
Back in 2021, the same research by Purdue University found Australia was the second-most expensive place to live on the happiness index. However, despite having dropped down one place on the list, the amount of money needed has increased from $176,500 a year two years ago.
Surprising country takes top spot for happiness price tag
The price of happiness in Iran was a massive $456,282, the highest total out of the 173 countries ranked.
Record-high inflation in the country sent the cost of food soaring 70 per cent, leading to the massive annual income needed.
Top 10 countries where happiness costs the most:
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Iran - $456,282
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Yemen - $270,190
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Australia - $190,221
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Zimbabwe - $185,749
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Norway - $184,779
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Switzerland - $181,673
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New Zealand - $179,871
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Israel - $176,589
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Iceland - $175,650
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United States - $164,808
If you're feeling overwhelmed and need help dealing with financial stress, you can contact free advice and counselling from the National Debt Helpline. You can call 1800 007 007 between 9.30am and 4.30pm Monday to Friday.
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