Cash money Photo:Barry Leddicoat / Sunshine Coast Daily
Cash money Photo:Barry Leddicoat / Sunshine Coast Daily Barry Leddicoat

Northern Rivers named ninth worst economic region in Aust

THE Northern Rivers has been named the 58th best economic performer of the country's 67 regions in the 2015-16 State of the Regions report.

The Australian Local Government Association research found the average Northern Rivers household had $609,000 in wealth and assets in 2015 - up from $550,000 in 2012.

The average Australian household's wealth was estimated at $713,000, with Sydney's Eastern Beaches figure reaching the highest amount at $1.73 million.

Employed residents in the Northern Rivers earned on average $38.40 per hour and worked 32.1 hours a week.

But the unemployment rate has reached 7.6%, compared to 6.5% in 2013 and 6.9% in 2010.

The number of Northern Rivers residents receiving benefits is also on the rise, reaching 22.1% in 2015 - up from 20.9% in 2013 and 19.6% in 2010.

The research found the average mortgage burden for homes in the region is 37.2% of the dwelling's value, with homes worth an average of $383,000.

 

NORTHERN RIVERS

Household wealth - $609,000

Average wage - $38.40 per hour

Working hours - 32.1 per week

Unemployment rate - 7.6%

Receiving social benefits - 22.1%

Average home worth - $383,000

Mortgage burden - 37.2% of home's value

 


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