Average advertised salaries in Australia rose by 4.1% over the year to July 2022, according to the Seek Advertised Salary Index.

Advertised salary growth picked up significantly in late 2021. In recent months it has remained elevated but has not continued accelerating.

On a quarterly basis, average advertised salaries increased by 1.2% in the quarter from April to July 2022.

Advertised salaries grew 0.4% in July on a monthly basis, after a 0.4% monthly rise in June.

Seek also noted that advertised salaries are growing much more rapidly than before the pandemic, at nearly double the pace observed in 2019. However, advertised salaries are not growing as rapidly as consumer prices, with the Consumer Price Index (CPI) up 6.1% in the year to the June quarter.

On an annual basis, advertised salaries grew in every state and territory in July 2022.

Queensland (4.7%), Tasmania (4.8%), Western Australia (4.9%) and the Northern Territory (5.0%) all experienced advertised salary growth of over 4% in the year to July 2022.

Advertised salaries rose in every industry in the year to July 2022. Salaries for roles in Design & Architecture (7.3%) and Information & Communication Technology (6.2%) grew the fastest.

Growth for the lowest paid-fifth of jobs has been robust, with advertised salaries up 4.4% in the year to July. The second highest salary band experienced slightly faster growth, at 4.5%. Advertised salary growth has been the most modest for the middle band, at 3.3% over the year to July.

For the highest paid salary band advertised salaries were up by 4.1% in the past year.

Seek Senior Economist, Matt Cowgill said, “As the Great Job Boom continues, observers have wondered when wages and salaries will start to pick up. If you look at advertised salaries for vacant roles, it is clear they already have.”

“Competition for talent is fierce, with the unemployment rate at a near 50-year low,” Cowgill said. “Seek’s unique data shows employers are responding to the tight labour market by increasing advertised salaries.”

“Unlike previous labour market booms, such as the mining boom, this is not a situation in which some parts of the country pull ahead much more rapidly than the rest. The labour market has been almost uniformly strong,” Cowgill added.