Common weekly earnings hit decade excessive

Common weekly strange time earnings for full-time adults skilled a big rise, marking probably the most strong annual development in a decade, in accordance with the newest ABS figures.

“The annual improve of 4.5%, or $81 per week, was the strongest since Could 2013, apart from a short spike in common earnings early within the COVID-19 pandemic,” mentioned Bjorn Jarvis (pictured above), ABS head of labour statistics.

Wage value index help

The surge in common earnings is supported by a rise within the wage value index, which climbed by 4.2% within the 12 months to the December quarter. This charge signifies the best annual rise in underlying wage development for the reason that March quarter of 2009. Each the personal sector, with a 4.4% rise, and the general public sector, up by 4.9%, contributed to the expansion.

Narrowing gender pay hole

The gender pay hole in common weekly strange full-time earnings additionally noticed a discount, narrowing, from 13% to 12% – the bottom stage recorded.

“This was the third drop within the gender pay hole in a row, all the way down to a brand new report low,” Jarvis mentioned in a media launch. “This narrowing within the hole mirrored stronger development in common full-time earnings for ladies, 3.5% over the previous six months, in contrast with 2.3% for males. Annual development was additionally extra pronounced for ladies at 5.5%, in contrast with 4% for males.”

Regional and business disparities

The disparity in common weekly earnings throughout areas and industries stays evident, with the best wages reported in Western Australia ($2,108) and the Australian Capital Territory ($2,080). The bottom had been recorded in Tasmania ($1,670) and South Australia ($1,735).

The mining business continued to steer in common earnings, at $2,952 per week for full-time staff, whereas the lodging and meals companies ($1,397) and retail commerce industries ($1,435) lagged.

Half-time earnings development

Common earnings for part-time staff additionally skilled vital development, contributing to a 3.9% improve in common earnings for all staff in November 2023.

“The gender pay hole for all staff, together with each full-time and part-time staff, is far bigger than the full-time measure, with girls extra more likely to work part-time,” Jarvis mentioned. “That record-low hole was 28.1% in November 2023, down from 28.6% in Could 2023.”

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