There was a clanger on page three of The Financial Review on Saturday that should have been corrected. But since they haven’t, we’ll point it out.

Darling, it’s over – Portsea tops the list

Australia’s
young rich are outstripping their old-money counterparts, according to
the Tax Office’s latest review of Australia’s wealthiest postcodes. For
the first time in almost 10 years, postcode 2027, Sydney’s exclusive
harbourside conclave of Darling Point, Edgecliff and Point Piper has
lost its spot as Australia’s wealthiest address, replaced by rapidly
climbing 3034, the Victorian seaside retreat of Portsea. Adding insult
to injury, the average taxable income of 2027’s residents declined in
2002-03, dropping more than $1500 to just $110,607. But in 3034, which
has jumped from sixth to third to first place in three years, the
average rose a massive $18,679 to $119,788.

The problem
is that 3034 is the more humble inner Melbourne western suburb of
Avondale Heights. Portsea is 3944. And it’s doubtful that many 3944ers
have ever entered the confines of 3034.

Peter Fray

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