Upton has extensive experience as a banking and finance specialist. Prior to her current role, she worked in New York at Deutsche Bank and the Toronto Dominion Bank, following stints at both Freehills and Phillips Fox in Sydney. She has an extensive association with the University of New South Wales, currently serving as Pro Chancellor after three years as Deputy Chancellor, and is a member of the Federal Government's advisory committee on corporations and securities law.

Upton is one of seven candidates vying for Liberal pre-selection in the blue ribbon seat. Restaurateur Peter Doyle, Gold's Gym owner Peter Cavanagh and Woollahra mayor Andrew Petrie will also be standing. The pre-selection ballot will be held on 21 August. Upton's support base comes from the left of the party.

The current member for Vaucluse and former leader of the NSW Liberal Party, Peter Debnam, is retiring at the next state election, due on 26 March next year. Debnam has held the safe Liberal seat since 1994.