SEEK Advertised Salary Index - January

The SEEK Advertised Salary Index (ASI) measures the growth in advertised salaries for jobs posted on SEEK in Australia. This quarterly SEEK ASI report contains industry and state trends. There will be briefer monthly reports in March and April.

• Advertised salary growth rose by 0.3% m/m, with growth accelerating slightly each month since October. 

• Annual advertised salary growth has been steady at 3.6% for three months.

• Advertised salaries grew fastest in the ACT, rising 4.6% in the year to January.

• The rate of growth in NSW continued to slow, down from 4.8% y/y at its peak in April 2023 to 3.2% y/y in January.

• Advertised salaries in Legal grew the fastest at 7.8% y/y, likely supported by continued growth in labour demand for the industry over 2024.  

• Advertising, Arts & Media (1.0%) continues to have relatively weak growth in advertised salaries, consistent with the ongoing 0subdued demand in the industry.

“Advertised salary growth has been steady at 3.6% year-ended in recent months, well above headline inflation of 2.4% seen over a similar period. 

“However, Australian Bureau of Statistics data shows this is below the pace of growth in living costs for households that earn a salary from employment. This group also tend to have mortgages or pay rent, which may explain why so many people are still feeling the cost-of-living crunch. 

“The labour market has been more balanced of late suggesting that we are less likely to see advertised salary growth slow as much in the near term as it did in 2024.”

“With less people intending to quit their jobs in 2025, the flow through from advertised salary growth to overall income and wage growth may be a little subdued this year.” 

Advertised salaries rose by 0.3% m/m, the fastest monthly growth since July last year. This is consistent with the monthly growth seen in January 2023 and 2024.

Annual growth has been steady at 3.6% y/y since November, with the relatively fast monthly growth seen between June and September 2023 having faded. The recent monthly growth is broadly in line with the same period 12 months ago. 

Leading the country at 4.6% y/y, advertised salaries rose fastest in the ACT. After relatively slow salary growth in the preceding months, this is some of the fastest monthly growth to be recorded in the territory.

The rate of annual growth in NSW continues to slow, and at 3.2% y/y is the slowest since September 2022. The subdued advertised salary growth in NSW comes alongside the state recording one of the largest declines in labour demand of all the states since 2022 and slower employment growth than most other states over 2024.

South Australia was the only state to have no monthly advertised salary growth in January. Annual growth in the state at 3.7% remains above its 2024 lows with relatively strong growth over the second half of 2024.

Advertised salary growth has been relatively steady in recent months in Tasmania, despite employment declining 2.8% over 2024. An increasing unemployment rate is likely putting less upwards pressure on salaries in Tasmania than in other states where the labour market is tighter.

Advertised salary growth in the Legal industry was the fastest at 7.8% y/y, reflecting a notable increase in the ASI in December and an increase in demand over 2024, as seen in SEEK job ads.

The Real Estate & Property industry had the second fastest advertised salary growth in January at 6.2% y/y following relatively strong monthly growth in November and December, especially compared to the same period in 2023, where it was 3.9% y/y.

Banking & Financial services experienced the fastest advertised salary growth q/q, at 2.9%, boosting the annual rate to 5.6%, the fastest rate of growth for the industry since 2017. This fast salary growth comes after some relatively slow growth early in 2024.

After being relatively fast during late 2023 and early 2024, advertised salary growth for Education & Training roles is decelerating, down from 7.6% y/y in May to 4.8% in January, alongside easing demand.

At the other end of the scale, Advertising, Arts & Media industry again recorded the slowest growth of any major industry, at just 1.0% in the year to January. Demand in the industry has sat at similar levels since the start of 2024 and demand is well down compared to 2022. 

About the SEEK ASI

The SEEK ASI measures the change in advertised salaries over time for jobs posted on SEEK in Australia, removing much of the effect of compositional change.

The SEEK ASI is a complement to existing data about the growth in wages and salaries in Australia, including the ABS’ WPI. The WPI is a measure of the pace of wages growth across the economy.

The SEEK ASI provides a timely and frequent read on the pulse of advertised salary growth in Australia for vacant roles.

More information about how the SEEK ASI is put together and the data files associated with this report can be found here.