City's cash up by $87m

CASHED UP: Tax data suggests local income in 2010-11 was up $87 million on the previous financial year.
CASHED UP: Tax data suggests local income in 2010-11 was up $87 million on the previous financial year.

GRIFFITH is getting richer thanks to wet weather and sound investment from savvy farmers.

The latest tax figures show taxpayers within the Griffith postcode earned $545 million in the 2010-11 financial year based on combined taxable income, amounting to an increase of around $87 million from the previous year.

Despite the boost, the average Griffith taxpayer earned $40,158, which was lower than $45,620 in Wagga and $46,718 in Albury.

Griffith Business Chamber's Paul Pierotti said opportune modernisation from local farmers has kept Griffith open for business in the period since June 30, 2010.

"The latest tax statistics reflect a period when the drought broke and for the first time in a long time we got record crops," Mr Pierotti said.

"That would have sparked a stimulus into agricultural commodities like rice and wheat which had basically stopped for a period of at least five years and of course that has an immediate impact on consumer spending.

"From 2010-2014 business and retail conditions have been tough right across Australia but certain areas of retail business in Griffith like agricultural machinery and engineering are booming."

Mr Pierotti said farmers invested in new machinery shortly after the drought broke which has kept agriculture strong.

"Back in 2010-11 the dollar was very high which hurt the export profits of companies like Casella Wines, but it also brought down the price of imported machinery like tractors," he said

"Farmers invested heavily into modernising their businesses which was extremely opportune because crops have continued to do well in 2012 and 2013 and that flows into the Griffith economy."

Donations to charities rose significantly during the taxable period, up nearly one-and-a-half million dollars to $1,434,205.

Australia's richest suburb was Mosman where taxpayers raked in around $136,751 per person, close to $97,000 more than the average Griffith worker.


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