A "middle range" existence? How the Cunliffe's $550K annual income breaks down

David Farrar

TV3 reported:

“Mr Key spent time in the money markets and has a personal fortune, which is many times our reasonably middle-range existence.”

A middle-range existence?

The Leader of the Opposition gets a salary of $268,500 a year and a superannuation subsidy of almost $30,000 so a remuneration package of around $300,000 a year.

David’s wife is a partner in an Auckland law firm. A 2012 survey found the mean earnings is $244,460. Karen Price is very highly regarded and I suspect would be earning well over the mean, but let’s go with the mean. The idea isn’t to speculate on her as an individual, but to test the claim of a “middle-range” existence.

The household income is probably around $550,000 per annum. Now there is nothing wrong with that. In fact I think  should be proud that he has had a very successful business career, and now parliamentary career. It is a good thing. You can talk about how you hope others can be as successful as you are.

But what is not a good idea is to try to downplay your wealth, in an attempt to paint others as even more wealthy, for political attacks. People know John Key is very wealthy. He has never ever hid that.

The median household income is $70,180. If your household income is around $550,000 a year that is not a “reasonably middle-range existence”.  That’s eight times the median income. Definitely part of the 1%, not the 99%.

Political commentator David Farrar posts at Kiwiblog.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7173 -0.0006 -0.08%
AUD 0.9351 -0.0012 -0.13%
EUR 0.6758 0.0002 0.03%
GBP 0.5778 0.0003 0.05%
HKD 5.5666 -0.0055 -0.10%
JPY 81.1270 0.0510 0.06%

Commods

Commodity Price Change Time
Gold Index 1234.8 -4.300 2017-02-17T00:
Oil Brent 56.1 0.140 2017-02-17T00:
Oil Nymex 53.8 0.020 2017-02-17T00:
Silver Index 18.0 -0.040 2017-02-17T00:

Indices

Symbol Open High Last %
NZX 50 7093.5 7108.8 7093.5 0.14%
NASDAQ 5807.3 5838.6 5814.9 0.41%
DAX 11759.6 11775.4 11757.2 -0.00%
DJI 20564.1 20624.0 20619.8 0.02%
FTSE 7277.9 7307.1 7277.9 0.30%
HKSE 24066.0 24202.3 24033.7 0.32%
NI225 19161.3 19209.5 19234.6 -0.14%
ASX 5805.8 5810.1 5805.8 -0.34%