Enjoy it while it lasts. As cheap foreign labour pours in, it will pass like rain on the mountainside.
Advertised salary growth ticked up slightly in July, rising by 0.4% month-on-month after several months of 0.3% growth. Over the three months to July, advertised salaries rose by 1%. That’s broadly in line with the data over the first half of 2023, during which the three-month growth rate of the SEEK Advertised Salary Index has ranged between 0.9% and 1.1%.
While the advertised salary growth rates on a month-on-month basis can be somewhat volatile, the quarterly data tells a clear story: growth has moderated from the highs seen in late 2022 and 2021. In the three months to November 2022 growth was 1.4% and 1.6% in the three months to September 2021, but it remains robust and significantly above pre-COVID levels.
The full text of this article is available to MacroBusiness subscribers
