The latest findings from the SEEK Advertised Salary Index (ASI) have been released, providing crucial insights into advertised salary growth in Australia.
The recent report reveals an encouraging year-on-year growth of 4.5 per cent in June, showcasing positive momentum within the job market. However, when compared to the preceding month’s 4.7 per cent rise, this data signals a slight deceleration.
Throughout June, advertised salaries displayed a modest month-on-month growth of 0.3 per cent, aligning closely with the increase recorded in May. These consistent figures depict a stable job market environment. However, they also emphasize the necessity of ongoing observation to ensure that job seekers, employers, and policymakers can make well-informed decisions amidst evolving economic conditions.
Anticipation builds for the upcoming quarterly SEEK ASI report, scheduled for release in August. The forthcoming report promises to delve deeper into the data, delving into the intricacies of industry-specific and regional salary fluctuations. In a post-pandemic landscape, where businesses adapt and the labor market continuously transforms, these insights will play a pivotal role in understanding the dynamics that shape the economic landscape.
SEEK Senior Economist, Matt Cowgill, says: “Advertised salaries have been growing in 2023, but at a slower pace than the booming job market of 2022. “Now the slowdown in advertised salary growth is evident in the year-on-year figure, softening to 4.5 per cent. This is still very solid growth, but we’re now seeing a clear moderation, reflecting the slight cooling in the job market. This suggests that a spiral between prices and wages is not currently occurring.
“July’s data is likely to bring a bump in advertised salaries, with rises to the National Minimum Wage and award minimum wages coming into effect from the start of the month.”
The SEEK Advertised Salary Index (ASI) serves as a valuable tool, meticulously tracking job postings on SEEK and providing a comprehensive overview of national trends up to June 2023.
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