The state with the fastest-growing salaries revealed
Queensland’s advertised salaries were up 5.3% over the year, following a growth trend that began in 2021.
Queensland leads the nation in advertised salary growth, as the industrial umpire’s award wage decision flows through.
The latest research by Seek shows advertised salaries rose by 0.4% in July, slightly higher than the rises across April to June.
Over the year, advertised salaries rose by 4.6%, up from 4.5% in the year to June.
“Advertised salary growth remains solid,” Seek senior economist Matt Cowgill said.
“The Fair Work Commission’s decision to raise award wages by 5.75% was likely a contributing factor here — but it’s notable that the most award-reliant industries, such as hospitality and tourism, didn’t see particularly strong growth.”
Queensland’s advertised salaries were up 5.3% over the year, following a growth trend that began in 2021.
The territories are lagging, with 3.7% advertised salary growth in the Australian Capital Territory and 2.5% in the Northern Territory.
The largest rises by industry were in insurance and superannuation (up 9.2%), community services (6.7%) and trades and services (5.9%).
The slowest growth was recorded in government (0.9% year-on-year), continuing a trend of slow public sector growth.
Meanwhile, Reserve Bank deputy governor Michele Bullock will provide some insight into the key economic issue of climate change when she delivers a speech in Canberra on Thursday.
Bullock will take over as head of the central bank after governor Philip Lowe steps down on September 17.
The Intergenerational Report released last week predicted higher temperatures could reduce economic output over the next four decades by up to $423 billion in today’s dollars.
This article was first published by AAP.
