Cost of living: 3 careers where salaries are growing faster than inflation
New SEEK data suggests it's time to switch.
Salaries for advertised jobs rose by an average of 4.1% over the 12 months to July 2022, according to the SEEK Advertised Salary Index.
The Consumer Price Index rose by 6.1% over the same period, so if you don't get a pay rise of at least that much, you're falling behind in real terms.
Just 3 career paths saw an increase of 6.1% or more:
- Design and architecture rose by 7.3%
- Information communication and technology rose by 6.2%
- Trades and services rose by 6.1%
I get it: you can't retrain as an IT specialist overnight.
And 4.1% isn't actually going to offset inflation rises.
But there's a clear lesson here: you might need to change jobs to get a better-than-average rise.
"Competition for talent is fierce, with the unemployment rate at a near 50-year low," said SEEK senior economist Matt Cowgill. "SEEK's unique data shows employers are responding to the tight labour market by increasing advertised salaries."
Where you live will make a difference to how much you might get.
Here's how much advertised salaries rose on average across all states and territories.
| State | % rise |
|---|---|
| Northern Territory | 5.0% |
| Western Australia | 4.9% |
| Tasmania | 4.8% |
| Queensland | 4.7% |
| Victoria | 3.9% |
| New South Wales | 3.8% |
| South Australia | 1.9% |
| Australian Capital Territory | 1.8% |
The average advertised wage also differs heavily between locations. While the ACT had the lowest growth, it has the highest average advertised salary at just over $100,000.
Struggling with the cost of living? Check out tips from our expert masterclass on how to deal with rising inflation and get more from your money.
Angus Kidman's Findings column looks at new developments and research that help you save money, make wise decisions and enjoy your life more.
- SEEK media release 29 August 2022
- ABS Consumer Price Index data June 2022
Picture: Getty Images
