SEEK Advertised Salary Index - May
The SEEK Advertised Salary Index (ASI) measures the growth in advertised salaries for jobs posted on SEEK in Australia.
This report provides a snapshot of the monthly data. The next quarterly SEEK ASI report will be released in August and will contain industry and state trends.
NATIONAL ADVERTISED SALARY TRENDS
Advertised salary growth dropped slightly in May, rising just 0.2% after a slight pickup in April.
The rate of growth remains steady at 4.3% y/y, and 0.8% q/q.
SEEK Head of Market Data and Customer Analytics, Leigh Broderick says:
“Advertised salary growth has levelled this year, hovering at 0.2% or 0.3% growth month-on-month since October 2023.
“Bolstered by strong growth mid-last year, at 4.3% the rise in annual advertised salaries continues to outpace inflation.
“As the labour market softens, advertised salary growth is expected to ease, which it has done since September last year where it peaked at 4.9% year-on-year. The steady month-on-month results this year point to the annual rate continuing to moderate in the coming months.”
Figure 1: Year-on-year growth of SEEK Advertised Salary Index
Note: seasonally adjusted.Source: SEEK.
Figure 2: Month-on-month growth of SEEK Advertised Salary Index
Note: seasonally adjusted.Source: SEEK.
-ENDS-
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’ WPI. The WPI is a measure of the pace of wages growth across the economy.
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 and the data files associated with this report can be found here.