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Aussie salaries growing but not fast enough

·Personal Finance Editor
·2-min read
Australian money piled on top of itself and a crowd of people walking down the street to represent salaries.
Advertised salaries are growing, but not at a fast enough pace. (Source: Getty)

Salaries in Australia are growing, but the rate of the increase has slowed down at a time when the cost of living is rising.

The latest SEEK Advertised Salary Index found the salaries being offered to Aussie jobseekers grew 3.8 per cent for the year to August.

However, this is down from 4.1 per cent in July.

“The latest data from the SEEK Advertised Salary Index suggests that while advertised salaries are still growing, the pace of growth has slowed in recent months,” SEEK senior economist Matt Cowgill said.

“The SEEK Advertised Salary Index rose by 3.8 per cent in the year to August. The monthly and quarterly figures also show reduced advertised salary growth.”

Month-on-month salaries grew 0.3 per cent, while for the quarter, salaries were up 0.9 per cent.

While the increase is welcome, the rate wages have been growing has fallen well short of the rise in inflation, which was 6.1 per cent in July.

A chart showing the change in annual salary growth.
(Source: SEEK)

Which industries pay the most?

Data from SEEK revealed the difference in wages for different industries - and even at different levels - to give Aussies the clearest picture yet of how their paycheque compared to their co-workers.

The highest-paid workers were those in the information and technology sector, with an average income of $130,121 a year.

On the other end of the spectrum, those working in retail earned the least, with the average salary around $58,438.

Unsurprisingly, the top end was dominated by jobs in mining, consulting, engineering, government and the legal industry.

In the bottom were jobs in hospitality, call centres, administration and manufacturing.

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