Advertised Salary Index June 2023
The SEEK Advertised Salary Index (ASI) measures the growth in advertised salaries for jobs posted on SEEK in Australia. This report examines national trends up to the month of June 2023. The next quarterly SEEK ASI report will be released in August and will contain industry and state trends.
NATIONAL ADVERTISED SALARY TRENDS
The SEEK ASI rose 4.5% over the year to June 2023, a slowdown from the 4.7% recorded in May.
Advertised salaries grew by 0.3% month-on-month in June, in line with the growth recorded in May.
SEEK Senior Economist, Matt Cowgill, says:
“Advertised salaries have been growing in 2023, but at a slower pace than the booming job market of 2022. Now the slowdown in advertised salary growth is evident in the year-on-year figure, softening to 4.5%.
“This is still very solid growth, but we’re now seeing a clear moderation, reflecting the slight cooling in the job market. This suggests that a spiral between prices and wages is not currently occurring.
“July’s data is likely to bring a bump in advertised salaries, with rises to the National Minimum Wage and award minimum wages coming into effect from the start of the month.”
Figure 1: Annual growth of SEEK ASI
Note: Seasonally adjusted. Source: SEEK.
Figure 2: Monthly growth of SEEK ASI
Note: Seasonally adjusted. Source: SEEK.
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 Wage Price Index (WPI). The WPI is a measure of the pace of wages growth across the economy, for jobs that are currently occupied. 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 can be found here. The data for the SEEK ASI can be found here.
Disclaimer
The data should be regarded as standalone information and should not be aggregated with any other information.The data is given in summary form and whilst care has been taken in its preparation, SEEK makes no representations about its completeness or accuracy. SEEK expressly bears no responsibility or liability for any reliance placed on the data, or from the use of the data.