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SEEK Salary Growth Slowing But Still Elevated

AUSTRALIA DATA
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SEEK’s advertised salary index rose 0.3% m/m in April to be up 4.3% y/y, unchanged from March and above inflation. April CPI is forecast to rise 3.4% y/y when it is released on Wednesday. The annual rate is off its September 2023 peak of 4.9% but remains elevated and well above the series average from 2017 of 2.75%. In its statement, the RBA said that wages growth is still “above the level that can be sustained given trend productivity growth”.

  • The monthly salary increase was in the range it has been in for the last seven months but 3-month momentum at 3.1% annualised is its lowest since the Covid-impacted March 2021.
  • SEEK notes that while advertised salaries are growing strongly in Tasmania, they are above inflation across all states and territories.
  • Growth in advertised salaries is slowing in sectors seeing a reduction in labour demand, such as IT, but continues to exceed inflation across industries and is strong in areas where demand is strong, such as education, or where there are government mandated rises, such as aged care.
Australia SEEK advertised salary index %

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SEEK’s advertised salary index rose 0.3% m/m in April to be up 4.3% y/y, unchanged from March and above inflation. April CPI is forecast to rise 3.4% y/y when it is released on Wednesday. The annual rate is off its September 2023 peak of 4.9% but remains elevated and well above the series average from 2017 of 2.75%. In its statement, the RBA said that wages growth is still “above the level that can be sustained given trend productivity growth”.

  • The monthly salary increase was in the range it has been in for the last seven months but 3-month momentum at 3.1% annualised is its lowest since the Covid-impacted March 2021.
  • SEEK notes that while advertised salaries are growing strongly in Tasmania, they are above inflation across all states and territories.
  • Growth in advertised salaries is slowing in sectors seeing a reduction in labour demand, such as IT, but continues to exceed inflation across industries and is strong in areas where demand is strong, such as education, or where there are government mandated rises, such as aged care.
Australia SEEK advertised salary index %

Keep reading...Show less