SEEK Advertised Salary Index - November
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 will be released in February and will contain industry and state trends.
NATIONAL ADVERTISED SALARY TRENDS
After growing at 0.3 or 0.4% m/m for a year, the SEEK ASI has now risen by 0.2% m/m for the last two months.
Advertised salaries were up 3.5% y/y in November, the slowest annual rise since August 2021.
SEEK Senior Economist, Dr Blair Chapman says:
“The overall moderation in advertised salaries continued in November. If monthly growth remains at this rate, by this time next year annual advertised salary growth will be back at pre-COVID levels.
“The slowdown in advertised salary growth likely reflects the steady easing in the labour market alongside weaker inflation growth, with a more balanced labour market putting less upward pressure on advertised salaries.
“Although advertised salary growth is slowing, it is not slowing as fast as either headline or underlying inflation, which is good news for job seekers looking to boost their purchasing power.”
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.