Advertised salaries in Australia went up 0.2% month-on-month: report
Advertised salaries in Australia showed continued moderation in November, according to the latest data from SEEK Australia.
The SEEK Advertised Salary Index (ASI), which tracks the growth of salaries for jobs posted on the platform, revealed a 0.2% month-on-month increase for the past two months.
This marks a slowdown from earlier in the year, when the ASI had consistently grown by 0.3% or 0.4% monthly, according to SEEK.
"The overall moderation in advertised salaries continued in November. If monthly growth remains at this rate, by this time next year annual advertised salary growth will be back at pre-COVID levels," said Blair Chapman, SEEK Senior Economist, in a statement.
Chapman linked the decline in salary growth to several factors, including easing conditions in the labour market and lower inflationary pressures.
"The slowdown in advertised salary growth likely reflects the steady easing in the labour market alongside weaker inflation growth, with a more balanced labour market putting less upward pressure on advertised salaries."
Meanwhile, advertised salaries rose by 3.5% compared to the same month last year, the slowest annual growth since August 2021.
Despite the slowdown, the rise in advertised salaries is still outpacing the annual inflation rate of 2.1% in October 2024.
"Although advertised salary growth is slowing, it is not slowing as fast as either headline or underlying inflation, which is good news for job seekers looking to boost their purchasing power," Chapman said.
The findings come as total wages and salaries paid by employers reached $103.7 billion in September 2024, a new record high, according to the Australian Bureau of Statistics.
"It compares with $97.5 billion in September 2023 and $90.9 billion in September 2022," said Bjorn Jarvis, ABS head of labour statistics, in a previous statement.
