Advertised Salary Index May 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 May 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 4.7% over the year to May 2023, a slight decline from the year to April.
Advertised salaries grew by 0.2% month-on-month in May, lower than the previous three months.
SEEK Senior Economist, Matt Cowgill, says:
“Although the year-on-year pace of advertised salary growth remains strong, we’ve seen a clear slowing in recent months and since the boom of 2022.
“In the past six months, advertised salaries grew by an average of 0.29% each month. In the six months before that, from June to November 2022, the average was 0.48% per month.
“Given the Fair Work Commission’s award wage rise, which takes effect in July, and the continued high cost of living, there is understandably heightened focus on salaries. Time will tell how advertised salary growth will respond over the coming months.”
Figure 1: Annual growth of SEEK ASI
Figure 2: Monthly growth of SEEK ASI
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.