But 'rate of salary growth already showing signs of slowing down'
Salaries in New Zealand reached an "all-time high" in the fourth quarter of 2022 after hitting $67,562.
This is a year-on-year increase of one per cent, the job portal said, equivalent to a $613 hike, according to data from Trade Me Jobs.
"In October, the national average salary was $67,056; in November it reached $67,836; before finishing off the year in December at $68,001," said Patrick Cairns, spokesperson.
Per region, the East coast stood out, added Cairns, with the Gisborne region seeing an eight-per-cent average salary jump and Hawke's Bay registering a seven-per-cent increase. The Nelson/Tasman and Otago regions also saw their average salaries climb by seven per cent year-on-year in the fourth quarter.
Auckland and Wellington, however, reported a decline in average salaries by five per cent and three per cent respectively.
"Despite the drops, these remained the two highest paying regions, with Auckland's average salary at $69,374 and Wellington's at $69,734," said Cairns.
Per sector, the hospitality and tourism reported an average salary increase of nine per cent in Q4, according to Trade Me Jobs, the highest across New Zealand's industries.
The engineering sector came in second with an eight per cent increase. This is followed by the transport and logistics, as well as manufacturing and operations, which both reported a seven-per-cent increase.
Cairns, however, warned that these record-high salaries might have already reached the peak for the time being.
"Despite reaching an all-time high in Q4, the rate of salary growth is already showing signs of slowing down and we are likely to see this continue in the new year," said Cairns.
With salaries hitting record highs, Trade Me Jobs said that employees are taking advantage of this and attempting to jump ship.
According to the job portal's report, there is a 38% year-on-year increase in the average number of job applications per listing in Q4.
"Following years of pandemic-fuelled uncertainty in the jobs market, things really turned around in the second half of 2022 with thousands of Kiwis dusting off their CVs and applying for a new role. This will be music to the ears of businesses that have struggled to fill vacancies," said Cairns.
Adding the rising number of applications to New Zealand's recently reopened borders, employers will likely see success in hiring for vacated jobs, according to the spokesperson.
"There's no denying it's still a competitive market for employers, but with applications on the rise across the board, our data shows it is a great time to be looking for talent," Cairns said. "For those businesses that have attempted to hire over the past couple of years but had little success, our numbers show it might be worth trying again in 2023."
