Australia's advertised salary growth rate up 4.3% annually

'Industries experiencing prolonged demand for workers… recording strong growth in advertised salaries'

Australia's advertised salary growth rate up 4.3% annually

The rate of growth in advertised salaries in Australia increased 4.3% year-on-year in April, according to new data from SEEK.

"While annual advertised salaries are still outpacing inflation, this is mostly due to the strong growth experienced mid-last year," said Leigh Broderick, SEEK Head of Market Data & Customer Analytics, in a statement, adding the index “does appear to be slowing over recent months in line with labour demand.”

Australia's advertised salary growth rate also picked up both monthly (0.3%) and quarterly (0.8%).

"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," Broderick said.

Growth rate by location, industry

Tasmania led Australia's states and territories when it comes to advertised salary growth in the past 12 months, according to the index. It registered a 6.7% increase annually, while also logging at 1.7% hike in the past three months.

Source: SEEK's Advertised Salary Index

By industry, the Community Services and Development registered the highest annual advertised salary growth across Australia with 8.1%.

SEEK attributed the sector's position to the wage rises for aged care workers but noted its "slowing" impact after it registered a higher 8.6% growth rate in January.

The Education and Training sector saw the second-highest growth rate in Australia with 7.1%, while the Human Resources and Recruitment sector saw a 3.3% increase, according to the report.

The lowest increases were recorded in the sectors of Banking and Financial Services (0.7%), and the Information and Communication Technology (0.8%).

"Industries experiencing prolonged demand for workers, such as Education & Training and Healthcare & Medical, are also recording strong growth in advertised salaries," Broderick said.

"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."

Source: SEEK's Advertised Salary Index

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