Seek’s Advertised Salary Index for Australia rose 4.7% year over year in December, the job board operator announced Tuesday. However, the salary index rose just 0.3% in December when compared to November with month-over-month growth the slowest since the early part of the year.

“The month-on-month gains in advertised salary slowed a touch in December, falling from 0.5% to 0.3%,” said Matt Cowgill, senior economist at Seek. “This is the slowest month-on-month rise since April and may be an early sign that advertised salary growth is moving away from its peak.”

Still, Cowgill noted advertised salaries on an annual basis grew at the fastest pace since at least 2016.

“This has been fed into by the tight labour market with unemployment near a 50-year low — creating a bidding war for talent as well as the rising cost of living driving salaries up,” he said.

The index measures growth in advertised salaries for jobs posted on Seek in Australia.