Mining sector leads wages. But not for long!

By Leith van Onselen

The ABS today released its annual Australian Industry report covering the 2013-14 financial year, which includes estimates at a sub-industry level of employment, detailed income and expenses information, and profits.

CommSec has taken the time to disaggregate the data, and has revealed that the resources sector contained the four highest paid industries in Australia in 2013-14:

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Across industries, the average wage was around $60,000 in 2013-14, with 10 industry sectors recording an annual wage above $100,000. Again, the resources sector dominated the high-paying industries, taking-out the top four spots, with each earning more than two-to-three times the average wage.

Obviously, with the commodity crash underway, along with the pending collapse of mining investment, wages in the resources sector should fall dramatically.

Other things equal, this will also help to pull down average wages across all industries, adding to Australia’s income shock.

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Comments

  1. Interesting to note that manufacturing (metal and chemical) is in the next tier down. And I wonder why there is no specific classification for banking.

    • +1 – where is finance? – not an industry? – somebody tell Melb/Syd!!
      Also – are these figures gross or taxable incomes?

  2. The Patrician

    Not having a shot at you Leith or the grossly underfunded ABS but..
    it would be nice to get data that was less than a year old

    • Pat, Multi-agency input on this one, especially ATO, would be responsible for much of the delay.. Time is the price for maintaining acceptable rse.

  3. Surely ‘Barista’ is its own Industry now??

    Without recognising the importance of Barista’s in a Barista economy, this isn’t worth the pulp product its broadcast on!

  4. Finance? If you somewhat control the stats box, it’s easier to hide. If people knew the real numbers in this sector there’d be a riot. An investment banker mate was saying strip clubs are now a major no no, and anyone seen in such establishments won’t be around for long. What is this world coming to?