Salary Reports

SEEK Advertised Salary Index - April

May 24, 2024

The SEEK Advertised Salary Index (ASI) measures the growth in advertised salaries for jobs posted on SEEK in Australia. This quarterly SEEK ASI report contains industry and state trends. There will be briefer monthly reports in June and July.

NATIONAL ADVERTISED SALARY TRENDS

The rate of growth in advertised salaries picked up in April, rising 0.3% month-on-month (m/m) after tracking in the 0.2% range since January.
Year-on-year (y/y) advertised salary growth rose to 4.3%, from 4.2% in March.

STATE ADVERTISED SALARY TRENDS

Tasmania continues to outpace the rest of the nation, with advertised salaries rising 6.7% y/y for the state.
Advertised salaries in all states and territories outpaced inflation in the year to April.

INDUSTRY ADVERTISED SALARY TRENDS

While moderating a little, advertised salaries in Community Services & Development remain robust at 8.1% y/y as the Fair Work Commission’s wage decision for the Aged Care sector still flows through to advertised roles.
Roles in Information & Communication Technology and Banking & Financial Services recorded negative growth over the past quarter, reflecting an extended period of softening demand for these roles.

SEEK Head of Market Data & Customer Analytics, Leigh Broderick says:

“After three straight months of subdued advertised salary growth amidst a cooling jobs market, the pace of growth ticked up slightly to 0.3% in April month-on-month.

“While annual advertised salaries are still outpacing inflation, this is mostly due to the strong growth experienced mid-last year, and SEEK’s Advertised Salary Index does appear to be slowing over recent months in line with labour demand.

“Industries experiencing prolonged demand for workers, such as Education & Training and Healthcare & Medical, are also recording strong growth in advertised salaries. Roles in Information & Communication Technology, which have experienced a notable downturn in

worker demand over the last two years, albeit off a high base, are seeing more sluggish growth in advertised salaries.”

NATIONAL ADVERTISED SALARY TRENDS

Advertised salaries picked up speed slightly in April, rising 0.3% m/m, after a period of relatively slow growth. Advertised salaries rose 4.3% y/y, which has fallen from the 4.5% recorded in the year to January. With the Consumer Price Index (CPI) at 3.6% in the year to March quarter, advertised salaries are currently outpacing inflation.

Figure 1: Month-on-month growth of SEEK Advertised Salary Index

Note: seasonally adjusted.Source: SEEK.

Figure 2: Year-on-year growth of SEEK Advertised Salary Index

Note: seasonally adjusted.Source: SEEK.

STATE ADVERTISED SALARY TRENDS

The rapid rate of growth in advertised salaries in Tasmania increased further y/y, up to 6.7% from 5.7% in January. This was significantly faster than anywhere else in the country.

The Australian Capital Territory saw advertised salaries pick up over the past quarter, and now at 4.6% y/y, whereas New South Wales recorded the most modest growth, rising 3.8% y/y.

South Australia, Victoria, Queensland and Western Australia each recorded advertised salary growth at 0.9% or 0.8% over the quarter, just ahead of inflation (0.7% in the quarter to March).

Figure 3: Year-on-year growth of SEEK Advertised Salary Index by state/territory

Note: seasonally adjusted.Source: SEEK.

INDUSTRY ADVERTISED SALARY TRENDS

While last year’s wage rises for aged care workers continue to be reflected in advertised salary growth in Community Services & Development, the impact is slowing, with advertised salaries 8.1% higher y/y, down from 8.6% in January.

Advertised salaries in most industries continue to outpace inflation y/y, however over the past quarter, the rate of growth has slowed and the number of industries that outpace the quarterly CPI has halved. The industries where advertised salaries have grown ahead of inflation this past quarter include Legal, Real Estate & Property and Science & Technology, among others.

In industries where labour demand has been robust over the past year in an otherwise cooling jobs market, such as in Education & Training, advertised salaries have recorded strong growth. Conversely, Information & Communication Technology and Banking & Financial Services roles, where demand has declined significantly over recent years, are this quarter experiencing a decline in advertised salaries, at -0.2% and -0.5% respectively.

Table 2: SEEK Advertised Salary Index growth by industry

-ENDS-

About the SEEK ASI

The SEEK ASI measures the change in advertised salaries over time for jobs posted on SEEK in Australia, removing much of the effect of compositional change.

The SEEK ASI is a complement to existing data about the growth in wages and salaries in Australia, including the ABS’ WPI. The WPI is a measure of the pace of wages growth across the economy.

The SEEK ASI provides a timely and frequent read on the pulse of advertised salary growth in Australia for vacant roles.

More information about how the SEEK ASI is put together and the data files associated with this report can be found here.

Disclaimer

The Data should be viewed and regarded as standalone information and should not be aggregated with any other information whether such information has been previously provided by SEEK Limited, ("SEEK"). The Data is given in summary form and whilst care has been taken in its preparation, SEEK makes no representations whatsoever about its completeness or accuracy. SEEK expressly bears no responsibility or liability for any reliance placed by you on the Data, or from the use of the Data by you. If you have received this message in error, please notify the sender immediately.