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"Only at very, very high levels does money actually have any impact to act as a buffer," said Deakin University researcher Liz Eckerman, adding that "Money doesn't actually buy happiness and that's what was shown very clearly for the nearly 23,000 people we've interviewed so far."

So, who IS happy? The "happiest" areas surveyed had a lower population, more people aged 55 or over, more women, more married people and less income inequality. The results were assessed using a person's "satisfaction" with their standard of living, health, relationships, life achievement, safety, community connection and future security.

As a matter of fact, ironically, of the 150 national electorates surveyed, one of the nation's poorest, Wide Bay in rural Queensland, was among the happiest.

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