Australia’s annual inflation rate stood at 6.8% in February 2023
According to Seek, the average advertised salaries for jobs posted on the job board in Australia rose by 4.5% in February 2023 compared to the same period last year. Seek’s Advertised Salary Index measures the growth in advertised salaries.
Matt Cowgill, Seek Senior Economist at Seek commented: “While the Seek Advertised Salary Index shows growth in advertised salaries in February, it has flattened out. Average advertised salary growth is not taking off, the surge recorded in 2021 and early 2022 is behind us, but it’s also showing no signs of returning to the lower pre-Covid levels.”
He added that “the fact that advertised salary growth is not accelerating will reassure policymakers that we are not in a wage-price spiral. But the fact that advertised salaries continue to lag inflation does mean workers are facing a cost-of-living crunch.”
Australia’s annual inflation rate stood at 6.8% in February 2023.