SEEK Advertised Salary Index - May
The SEEK Advertised Salary Index (ASI) measures the growth in advertised salaries for jobs posted on SEEK in Australia. This report provides a snapshot of the monthly data. The next quarterly SEEK ASI report will be released in August and will contain industry and state trends.
NATIONAL ADVERTISED SALARY TRENDS
Advertised salary growth rose by 0.2% m/m in May, the slowest monthly growth since October last year.
Annual advertised salary growth slowed to 3.6%, although it has broadly sat around 3.6-3.7% since October last year.
SEEK Senior Economist, Dr Blair Chapman says:
“Advertised salary growth slowed to 3.6% year-ended in May, with the monthly growth the slowest since October last year.”
“The growth in average advertised salaries is currently outpacing living costs, which is good news for those switching employers as they are likely gaining a real wage increase. This means they can purchase more goods and services or save some of their additional earnings.”
“The Fair Work Commission (FWC)’s Annual Wage Review decision will see the National Minimum Wage and modern award wage rates increase by 3.5% from 1 July. The FWC’s decision should support the relative ongoing strength in advertised salary growth.”
Figure 1: Month-on-month growth of SEEK Advertised Salary Index
Note: seasonally adjusted. Source: SEEK.
Figure 2: Year-on-year growth of SEEK Advertised Salary Index
Note: Seasonally adjusted. Source: SEEK.
NOTES
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.