Seek’s index of advertised salaries in Australia is rising, but March’s 4.2% year-over-year increase in the index marks the slowest rise in 18 months.

When compared to February, March’s index level was up 0.2%. March was the third month in a row in which Seek’s Advertised Salary Index for Australia posted a month-over-month increase of 0.2%.

“The peak of advertised salary growth is in the past,” Seek Senior Economist Matt Cowgill said in a press release. “We’ve now had six months in which the SEEK [Advertised Salary Index] has grown at just 0.2% or 0.3% month on month.”

Still, advertised salaries continue to outpace inflation, which is good news for job seekers, Cowgill said. There’s also no sign of a price-wage spiral.

“As we emerged from Covid, two big factors pushed up wages growth: The tight labour market meant that employers had to compete more aggressively for talent, and the surge in inflation meant that workers were looking for bigger rises to keep up with the cost of living,” he said. “Both of those factors are now easing, so we’re seeing advertised salary growth start to moderate.”

Seek released the index data on 22 April.

The index measures the change in advertised salaries over time for jobs posted on Seek in Australia.