'This month's figures possibly present a truer reflection of the current market,' says expert
The growth of advertised salaries in Australia saw its slowest monthly increase in almost two years in August 2024, according to the latest figures from SEEK.
"Month-on-month advertised salaries grew just 0.2%, which is the slowest monthly growth rate since mid-2022," said Leigh Broderick, SEEK Head of Employment Analytics, in a statement.
According to Broderick, the rate of advertised salary growth has been "broadly declining for the past 11 months" and the slowdown was "more pronounced" in August.
"Pay rises that came into effect in the new financial year likely bolstered the growth rate of salaries in July, so this month's figures possibly present a truer reflection of the current market," he said.
Source: SEEK Advertised Salary Index - August 2024
Quarterly, yearly increase for salaries
Meanwhile, the average advertised salary went up 0.9% in the August quarter of 2024, according to SEEK.
It also went up 3.9% in the year to August 2024, but slightly slower than the 4.2% recorded in July, it added.
The findings come after Broderick's forecast in the April index that there are signs indicating that advertised salaries "appear to be slowing" in line with labour demand.
Source: SEEK Advertised Salary Index - August 2024
The SEEK Advertised Salary Index measures the growth in advertised salaries for jobs posted on SEEK in Australia. Industry and state trends will be released in SEEK's next quarterly report coming out in November.
