Advertised salaries on job website Seek are growing at the fastest annual pace on record. During 2022, advertised salaries rose by nearly 5 percent which was an all-time high for records, which stretches back to 2016. When you look at the monthly data, there are signs of softening during the month of December.
Although the recent SEEK Advertised Salary Index reported that Aussie salaries have grown with 4.7 per cent over the year to December 2022, up from 4.5 per cent in November, experts have indicated signs of a slowing wage growth. Similarly, advertised salaries only saw an increase of 0.3 per cent in December, which was notably down from its prior 0.5 per cent rate in November. Despite this slow-down, research still shows better than expected wages for Australian workers. However, economists are warning that unless wages continue to rise at a higher rate then households may start to feel pressure on their budgets and economic stability could be hampered going into the new year.
Australian earnings increased by 4.7% from November to December 2022, up from 4.5%, according to the SEEK Advertised Salary Index (ASI). The ASI tracks changes in advertised salaries for Australian jobs posted on SEEK. The paper looked at societal developments until December 2022.
Declining from the 0.5% growth seen in November, advertised salaries increased by 0.3% in December. According to Matt Cowgill, a senior economist at SEEK, this might indicate that wage growth has peaked.
Wage Against Inflation
Inflation increased 7.8% during the year ending in December, above many economists’ expectations but falling just short of the Reserve Bank’s earlier projection of 8%. According to a Canstar estimate, the typical worker making $92,030 would have needed a $7,178 pay increase to keep up with inflation during the previous year. Australians might often earn more money by changing careers, according to Effie Zahos, editor-at-large for Canstar and a financial expert.
