Advertised salaries grew by 4.5% in January 2024 when compared to the same period a year ago, according to the latest Seek Advertised Salary Index.

The Index showed salaries rose by 0.2% in January, the slowest month-on-month (m/m) growth since December 2021.

The 4.5% annual increase was down from the 4.8% increase in the year to September 2023.

Seek Senior Economist, Matt Cowgill said, “Advertised salary growth is cooling in line with the labour market, but remains robust at 4.5% annually.”

Community services & development grew the fastest year-on-year (8.9%), which largely reflects the Fair Work Commission’s decision to raise wages for aged care workers, which had a noticeable effect on Seek’s data in July and August. Recently growth has been more modest.

On the other end of the scale, information & communication technology (ICT) (1.9%) continued to experience relatively weak growth in advertised salaries.

“Strong demand for teachers drove up advertised wages for education & training, and the lasting effects of the Fair Work Commission’s wage decision mid-last year saw wages in community services & development roles recording the highest advertised salary rises,” Cowgill added.

The less populous states led the nation, with advertised salaries rising 5.6% year-on-year in Tasmania. This was followed by Queensland (5.1%). Northern Territory saw the lowest at 3.8%.

“With unemployment rising, and with fewer jobs advertised than a year ago, employers aren’t having to compete quite as hard for talent to fill vacant roles, lessening the need for wage increases for new hires,” Cowgill said. “The good news for workers is that advertised salaries are now growing faster than inflation, after a period of declining real wages.”

Data from the Australian Bureau of Statistics showed that the Consumer Price Index for the 12 months to December 2023 rose 4.1%.