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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
The SEEK advertised salaries index rose 0.2% m/m in April to be up 4.8% y/y. Offered pay remains robust and has been in the 4.5% to 5% range since October 2022, signalling that the labour market remains tight despite some easing and that higher advertised wages reflect, at least partially, the current elevated inflation environment. But with both 3- and 6-month momentum easing in 2023, the risk of a wage-price spiral seems limited but high advertised salaries and elements of the Q1 WPI data warrant close monitoring.
- 3-month annualised momentum eased to 3.5% in April from 5.4% in December and 6-month to 4.7% from 5.3%.
- SEEK notes that the lowest paid jobs are seeing the fastest growth in advertised salaries at 5.4% and the second lowest at 4.7% (reflecting the July 1 2022 minimum wage rise of 5.2% & awards 4.6%-5.2%, whereas the middle range saw 3.1% and the highest 3.6%. The minimum wage rise for July 1 2023 will be announced next month. Unions are asking for 7%.
- Queensland saw the strongest advertised salary growth in the country at 5.5% y/y. Trades & services were the sector with the highest at 6.7% y/y whereas as white-collar industries saw the lowest. Government continues to be behind the private sector but is showing signs of catching up.
Australia SEEK advertised salaries index %
Source: MNI - Market News/SEEK
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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