Advertised Salary Index March 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 March 2023. The next quarterly SEEK ASI report will be released in May and will contain industry and state trends.
NATIONAL ADVERTISED SALARY TRENDS
The SEEK ASI rose 4.7% over the year to March 2023, in line with the 4.7% increase in the year to February 2023.
Advertised salaries grew by 0.4% in March 2023, up from the 0.3% recorded in February 2023.
SEEK Senior Economist, Matt Cowgill, says:
“There were signs that advertised salary growth was starting to cool, but things have turned around, with advertised salaries up by 0.4% month-on-month in March. The labour market’s no longer getting hotter, but it’s still running hot, with unemployment hovering around its lowest level in 50 years. This strong demand for labour is keeping advertised salary growth up, with advertised salaries up 4.7% over the year to March.”
Figure 1: Annual growth of SEEK ASI
Note: Seasonally adjusted. Note that some previous months’ observations have been revised.
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.