If you’re a 25-year-old taking home $1,500 a week, you’re out-earning people the same age as you by as much as $376 a week, new analysis has revealed.
But if you’re in your late 40s, you should be at the peak of your earnings trajectory, according to analysis from workspace firm Instant Offices based on the latest ABS data.
The average weekly total earnings for Australians 20 and under is $383.70, ABS’ 2018 data shows.
However, that nearly triples when they enter their 20’s, with those 21 to 34 taking home $1,127.60 per week.
That jumps again for those between 35 and 44 who on average make $1,503.70 per week, before peaking at $1,544.20 a week for those 45 to 54.
Australians on the downward slope towards retirement take home $1,373.40 a week.
Full-time versus part-time
However, the numbers change once work type and gender is taken into account.
While the average weekly earnings are $1,110 for all employees, it’s $1,463 for full-time employees and only $577 for part-time employees.
At the same time, men enjoy a weekly average of $1,810.90 while women take home a lower $1,515.60 in the full-time workforce.
In the part-time workforce, women make an average $669.30 while men make $666 on average a week.
Factors that affect salary growth
Your experience, industry, age and location will all affect your salary growth, according to the data.
ABS data from May 2020 shows those in the Australian Capital Territory ($1861.40) and Western Australian ($1840.80) earn the most per week.
This is followed by those in NSW ($1,748.90), workers in Victoria ($1,709) and workers in the Northern Territory ($1,701.60).
Queensland ($1,645,40), South Australia ($1,522.90) and Tasmania ($1,488.10) report the smallest weekly earnings by state.
Other factors like education and the company you work out will also impact how much you take home.
“A suitable qualification from a reputable institution will definitely improve your earning potential,” Instant Offices said.
The highest paying industries are mining ($2,674.80 a week), manufacturing ($1,334.70), electricity, gas, water and waste services ($1,922.00), construction ($1,573.90) and wholesale trade ($1,339.50).
Want to get better with money and investing in 2021? Sign up here to our free newsletter and get the latest tips and news straight to your inbox.