Average advertised salaries in New Zealand grew by 4.7% in the May 2023 quarter when compared to the May 2022 quarter, the fastest annual growth recorded in the Seek New Zealand Advertised Salary Index (ASI), with data that begins in 2016.

The Seek New Zealand Advertised Salary Index measures the growth in advertised salaries for jobs posted on Seek in New Zealand. 

Quarter-on-quarter, national advertised salary growth stood at 1.0% in the three-month period ended May 2023.

Seek New Zealand country manager, Rob Clark, said, “Although the year-on-year growth in advertised salaries is the fastest on record, we do see signs that salaries are starting to cool. The quarter-on-quarter growth in the Seek Advertised Salary Index peaked in the May quarter of 2022 and has declined since.”

“The ASI (Advertised Salary Index) is a leading indicator of overall wages growth, which suggests wages growth may be nearing a peak in New Zealand,” Clark said. “Advertised salary growth has been strong in every part of New Zealand, but still lags behind the cost of living, with the Consumer Price Index at 6.7% in March 2023.”

Among the five regions of New Zealand, Canterbury recorded the highest year-on-year growth in the May quarter (5.4%). This was followed by Rest of South (5.1%), Auckland (4.9), Rest of North (4.7%) and Wellington (4.2%).

When compared to the previous quarter, the highest growth stood at 1.5% for Canterbury.

By industry, the advertising, arts & media industry recorded the highest annual growth in the May quarter (7.0%). On a quarterly basis, accounting reported the highest growth (1.7%).

Several white-collar professional industries have experienced sluggish growth in advertised salaries, including marketing & communications (1.9%), human resources & recruitment (2.5%) and banking & financial services (2.7%). These industries have been most affected by the slowdown in economic activity as interest rates rise, and have been less affected by minimum wage rises than some other industries.