SEEK Advertised Salary Index - July
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 September and October.
NATIONAL ADVERTISED SALARY TRENDS
- Advertised salaries grew 1.0% in the quarter to July, the fastest rate of growth since November.
- Year-on-year (y/y) advertised salary growth remains relatively steady at 4.2%.
STATE ADVERTISED SALARY TRENDS
- Tasmania continues to lead the rest of the country for annual growth at 5.0%, though the rate of growth has dropped quarter-on-quarter (q/q).
- Salary growth has quickened in New South Wales, Queensland and Western Australia over the past quarter.
INDUSTRY ADVERTISED SALARY TRENDS
- Education & Training (7.2%) and Community Services & Development (6.5%) grew the fastest y/y reflecting strong demand for workers in these industries.
- Award wage rises that came into effect in July likely supported wage growth for a number of industries.
NATIONAL ADVERTISED SALARY TRENDS
While the annual rate of average advertised salary growth has remained broadly flat for most of the year, the quarterly rate of growth increased over the past quarter.
At 1.0%, this is the quickest quarterly growth to be recorded since November. One of the key contributors to the rise has been increases to the Modern Award wages which came into effect from 1 July.
STATE ADVERTISED SALARY TRENDS
Advertised salaries in Tasmania continue to outpace the rest of the country at 5.0% y/y, although growth appears to have peaked in April, with the margin diminishing in the months since.
Queensland recorded the fastest average advertised salary growth q/q, rising 1.4%, and remains just behind Tasmania for annual growth at 4.9%.
New South Wales and Western Australia also saw advertised salary growth pick up over the past quarter. Annually, New South Wales remains broadly flat at 3.9% and Western Australia has seen the growth rate slow to 3.6%
INDUSTRY ADVERTISED SALARY TRENDS
Increases to the National Minimum Wage and Modern Award minimum wages, which came into effect on 1 July, will have been responsible for small increases across several industries. Recently agreed wage agreements are also adding to salary growth across several industries, with new agreements reflecting the tight labour market and higher inflation over recent years. This includes teachers and aged care workers, resulting in strong annual average advertised salary growth for workers in Education & Training (7.2%) and Community Services & Development (6.5%).
Notably, these are the industries which have recorded significant rises in demand for workers since pre-COVID, with job ads up 55.8% for Community Services & Development and 39.9% for Education & Training workers compared to July 2019.
Some of the industries that have recorded the largest decline in demand, and therefore the most sluggish average advertised salary growth over the past year, have seen the quickest rise in salary growth q/q. This includes Banking & Financial Services (1.8% q/q), Design & Architecture (1.8% q/q) and Information & Communication Technology (1.5% q/q).
-ENDS-
The data for this month’s report can be found here.
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 can be found here.
