Advertised salaries grew 4.1 per cent in Australia in the year to July 2022, with roles in design and architecture, and information and communication technology rising fastest.
But industries with heavy government involvement, such as education, health care and community services, saw slower growth in advertised wages, according to job market SEEK.
SEEK’s Advertised Salary Index measures the growth of advertised salaries for jobs posted in your market.
SEEK said that, overall, there was a significant rebound at the end of 2021, with steady increases of 0.4 percent in both June and July this year.
Only South Australia and the ACT recorded “relatively modest” announced wage growth.
The data also showed that average advertised salaries differed wildly across the 27 industries included in the index.
The median advertised full-time equivalent salary for roles in information and communication technology was $130,121 in the year to July 2022, while the median in retail and consumer products was $58,438.
The report noted that employers generally adjusted advertised salaries for vacant positions than salaries paid to existing staff.
Therefore, it was not surprising that the SEEK index and the Australian Bureau of Statistics wage price index did not align as they used different methods.
Before the Covid-19 pandemic, SEEK and ABS data showed similar growth of around 2.2 to 2.3 percent per year.
SEEK said that rapid growth in advertised salaries was now more common than before the pandemic began.
Most job types are seeing growth of three percent or more in advertised wages.
Design and architecture was at 7.3 percent, while information and communication technology was at 6.2 percent.
But the report also noted that advertised wages were not growing as fast as the consumer price index, which rose 6.1 percent in the year to the June quarter.
SEEK Senior Economist Matt Cowgill said it was clear that wages were starting to pick up with the “big job boom”.
“Competition for talent is fierce, with the unemployment rate at a nearly 50-year low,” he said.
“SEEK’s unique data shows that employers are responding to the tight labor market by raising advertised wages.
“Unlike previous labor market booms, like the mining boom, this is not a situation where some parts of the country are moving much faster than the rest.
“The labor market has been almost uniformly strong. The rebound in wage growth announced has been across the board.”
BREAKDOWN IN AUSTRALIA
- Northern Territory: five percent growth;
- Western Australia: growth of 4.9%;
- Tasmania: 4.8% growth;
- Queensland: 4.7% growth;
- Victoria: growth of 3.9;
- New South Wales: growth of 3.8;
- South Australia: growth of 1.9%; Y
- ACT – 1.8 percent growth.