Salary Reports

SEEK Advertised Salary Index - March

April 22, 2024

The SEEK Advertised Salary Index (ASI) measures the growth in advertised salaries for jobs posted on SEEK in Australia. This report provides a snapshot of the monthly data. The next quarterly SEEK ASI report will be released in May and will contain industry and state trends.

NATIONAL ADVERTISED SALARY TREND

March was the third consecutive month in which the SEEK ASI rose by 0.2% m/m.
Advertised salaries were up 4.2% y/y in March, the slowest rise for 18 months.

SEEK Senior Economist, Matt Cowgill says:

“The peak of advertised salary growth is in the past. We’ve now had six months in which the SEEK ASI has grown at just 0.2 or 0.3% month-on-month.”

“The good news for workers is advertised salaries are still outpacing inflation and for policymakers there’s no sign of a price-wage spiral.

“As we emerged from COVID, two big factors pushed up wages growth: the tight labour market meant that employers had to compete more aggressively for talent, and the surge in inflation meant that workers were looking for bigger rises to keep up with the cost of living.

“Both of those factors are now easing, so we’re seeing advertised salary growth start to moderate.”

Figure 1: Year-on-year growth of SEEK Advertised Salary Index

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Note: seasonally adjusted. Source: SEEK

Figure 2: Month-on-month growth of SEEK Advertised Salary Index

Note: seasonally adjusted. Source: SEEK.

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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.