The SEEK Advertised Salaries Index (ASI) rose 4.8 per cent over the year to August 2023.
Advertised salaries grew 0.5 per cent, month on month in August, following a rise of the same amount in July.
Also read: The job-hopping capitals of Australia
Also read: The most and least ethical Aussie jobs
Also read: Surprising jobs with $150,000 salaries
The growth in advertised salaries appears to be confined to only some industries, in particular, community services and development, which experienced a relatively large increase in minimum rates of pay.
Community services and development jobs stood out, with 8 per cent growth in advertised salaries in the year to August - outpacing not just underlying inflation, but inflation overall, which rose 6.1 per cent in the year to June.
Most other large industries were seeing a slowing of ASI growth – for example, the trades and services industry experienced 5.5 per cent growth in the year to August, down from a peak of 6.8 per cent in the year to April 2023.
Notably, hospitality and tourism saw a continued moderation in ASI growth, with advertised salaries up just 2.6 per cent in the year to August.
Hospitality is the industry in which the largest proportion of employees are paid according to an award.
Will wages really outgrow inflation?
SEEK senior economist Matt Cowgill said looking at underlying inflation - where you remove volatile price rises in things like automotive fuel, fruit and vegetables, and holiday travel - explained why some salaries were rising more than inflation.
“We’re nearly at a point where advertised salary growth is outpacing the cost of living, with the SEEK ASI up 4.8 per cent in the year to August and inflation up 4.9 per cent in the year to July,” he said.
“However, this increase is not common across all industries - most are still seeing moderate growth after the highs of 2022.”