Despite this, salaries outpacing inflation rate: report
Advertised salaries in New Zealand continued to slow down in the August quarter, with SEEK NZ predicting the sluggish pace to continue in the lead-up to Christmas time.
Average advertised salaries grew by 0.7% in the August quarter of 2024, slightly slower than the 0.8% recorded in the May quarter.
Annually, advertised salaries also grew by 3.7% in the year to August, also slowing from the 4.4% recorded in the previous quarter.
"At 3.7% growth year-on-year, advertised salaries are currently outpacing the rate of inflation, but only just," said Rob Clark, country manager of SEEK NZ, in a statement.
The annual growth was bolstered by the strong growth recorded in the latter half of 2023, as well as the result of collective agreements for Education and Healthcare workers, according to Clark.
"But as a whole, the pace is slowing," Clark said. "As we move toward Christmas and the impact of last year's growth diminishes, we can expect average advertised salaries to continue to slow."
Source: SEEK NZ Advertised Salary Index - August
Regional salary growth
By region, Canterbury continued to outpace the rest of New Zealand with the average advertised salaries rising 4.4% year-on-year.
"Economic expansion in the Canterbury region over the past year is driving up average advertised salaries, but this too has slowed in recent months," Clark said.
On the other hand, annual advertised salary growth has continued to slow in Auckland and Wellington, with the capital city's annual salary growth falling to 3.4% in the August quarter.
Source: SEEK NZ Advertised Salary Index - August
Salary growth in industries
Meanwhile, the Education and Training as well as Healthcare and Medical industries recorded the biggest growth in advertised salaries annually after wage rises from collective agreements over the past year.
According to SEEK NZ, it is expecting the strong annual growth in the Education and Training industry to extend until at least the start of 2025.
For Healthcare and Medical workers, the rise in advertised salary also reflected the wage growth of the past year.
The Human Resources and Recruitment industry also recorded a 1.8% year-on-year increase in advertised salaries, one of the lowest registered growths in New Zealand. By quarter, it grew slightly by 0.2%.
Source: SEEK NZ Advertised Salary Index - August
