The Australian jobs where salaries are rising the fastest and slowest have been revealed by the nation’s leading employment marketplace.
Advertised salaries rose by just 0.3 per cent in October, a slowdown from the 0.4 per cent recorded in September and 0.5 per cent in July and August, according to SEEK’s latest Advertised Salary Index (ASI).
In the year to October, advertised salaries dipped to 4.6 per cent growth from 4.8 per cent in the two months prior and below the peak of 5 per cent in December 2022.
Jobs in community services and development had the fastest advertised salary growth, up 8 per cent in the past 12 months.
SEEK says this was heavily affected by the recent Fair Work Commission decision to boost minimum wages in the aged care sector by 15 per cent since July.
Community services was followed by consulting and strategy at 6.1 per cent; advertising, arts and media at 5.8 per cent and education and training at 5.7 per cent.
At the other end of the scale, government had the smallest growth in the past 12 months at a respective 1.6 per cent, followed by ICT and hospitality and tourism at 2 per cent.
A year of “solid” advertised wage growth could be cause for concern for the Reserve Bank of Australia, SEEK senior economist Matt Cowgill warned.
“After months of rapid rises, advertised salary growth has returned to where it was in June – solid, but not exceptional,” he said.
“Advertised salary growth still lags behind inflation, and there’s no sign of an unsustainable wage-price spiral in the data, which is positive.
“But any wages growth with a 4 in front of it is bound to give the Reserve Bank pause for thought, particularly with sluggish productivity growth, so it is too early to say if we are out of the woods in terms of future interest rate rises.”
(7 NEWS)
