The next leg down in Aussie wages is here

Thursday 18 September 2025

Aussie wage growth has no chance of a sustained recovery.

The mass immigration-led economy is, at base, a wage suppression scheme, and such macro forces will ultimately have their say.

Leading indicators like the Seek Advertised Salary Index have slowed. The quarterly annualised rate is now at 3.1% and has trended lower.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.