Salary Reports

SEEK Advertised Salary Index - February

March 26, 2024

The SEEK Advertised Salary Index (ASI) measures the growth in advertised salaries for jobs posted on SEEK in Australia. This report provides a snapshot of the monthly data. The next quarterly SEEK ASI report will be released in May and will contain industry and state trends.

NATIONAL ADVERTISED SALARY TRENDS

Advertised salaries rose by 0.2% for the second consecutive month, slowing the quarterly rate of growth to 0.7%.
Year-on-Year the Advertised Salary Index is still outpacing inflation, at 4.4%.

SEEK Senior Economist, Matt Cowgill says:

“It looks increasingly clear that wages growth in Australia has peaked.

“The labour market has cooled, and application levels are quite high, so employers no longer have to compete quite as fiercely for talent as in 2022.

“In the past three months, the SEEK ASI is up just 0.7% — which, if it continued at this pace for a full year, would see year-on-year growth at around three per cent, the slowest rate of growth recorded since before the pandemic.

“For now, we’re in a sweet spot where advertised salaries are growing faster than inflation, so workers are no longer going backwards, but they’re seemingly not growing so fast that they threaten to push inflation back up.”

Figure 1: Year-on-year growth of SEEK Advertised Salary Index

Note: seasonally adjusted. Source: SEEK.

Figure 2: Month-on-month growth of SEEK Advertised Salary Index

Note: seasonally adjusted. Source: SEEK.

-ENDS-

About the SEEK ASI

The SEEK ASI measures the change in advertised salaries over time for jobs posted on SEEK in Australia, removing much of the effect of compositional change.

The SEEK ASI is a complement to existing data about the growth in wages and salaries in Australia, including the ABS’ WPI. The WPI is a measure of the pace of wages growth across the economy.

The SEEK ASI provides a timely and frequent read on the pulse of advertised salary growth in Australia for vacant roles.

More information about how the SEEK ASI is put together and the data files associated with this report can be found here.

Disclaimer

The Data should be viewed and regarded as standalone information and should not be aggregated with any other information whether such information has been previously provided by SEEK Limited, ("SEEK"). The Data is given in summary form and whilst care has been taken in its preparation, SEEK makes no representations whatsoever about its completeness or accuracy. SEEK expressly bears no responsibility or liability for any reliance placed by you on the Data, or from the use of the Data by you. If you have received this message in error, please notify the sender immediately.