January 30, 2023 21:58 GMT
SEEK Advertised Salaries Post Another Solid Rise In Q4 2022
The SEEK advertised salary index for December showed a further rise in wages growth. Advertised salaries rose 0.3% m/m after 0.5% in November bringing the annual rate to 4.7% from 4.5%. It rose 1.2% q/q in Q4 in line with Q3 which saw a 5.2% increase in the national minimum wage. This data shows that the tight labour market and rising cost of living are putting upward pressure on wages, which the RBA will be monitoring closely. The official WPI series is published on February 22 and is likely to be followed by a further 25bp rate hike at the March RBA meeting.
SEEK Advertised Salaries % - running ahead of pre-Covid rates
Source: MNI - Market News/SEEK
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