Strong Growth in Australian Average Weekly Earnings Reflects Robust Wage Trends

Overview:

The Australian Bureau of Statistics (ABS) has reported a notable surge in average weekly earnings for

full-time adults in November 2023, marking a significant increase from previous years.

Wage Growth Highlights:

• Average weekly ordinary time earnings for full-time adults reached $1,888.80, reflecting a 4.5% annual increase, the highest since May 2013.
• This growth is attributed to a robust wage growth environment, with the Wage Price Index rising by 4.2% in the year to December quarter 2023, the highest in over a decade.
• Both the private and public sectors experienced increases, with the gender pay gap narrowing to 12.0%, the lowest level on record.

Regional Disparities:

• Western Australia and the Australian Capital Territory recorded the highest average earnings, while Tasmania and South Australia reported the lowest.
• The mining industry remained the highest paid, followed by information media, telecommunications, and professional, scientific, and technical services.

Industry Disparities:

• The mining industry boasted the highest average earnings for full-time employees, while accommodation and food services and retail trade sectors reported the lowest.
• Part-time employee earnings also showed substantial growth, contributing to an overall rise in average earnings.

Gender Pay Gap:

• The gender pay gap for all employees, including both full-time and part-time, decreased to 28.1% in November 2023.
• The ABS emphasizes the importance of considering both full-time and part-time employment when analyzing gender pay disparities.

Further Insights:

• Alongside weekly earnings data, the ABS released 2023 figures on hourly earnings, including insights into the gender pay gap in hourly earnings.
• The ABS extends gratitude to Australian businesses for their ongoing cooperation in responding to surveys, facilitating the collection of essential economic data.

Conclusion:

The surge in average weekly earnings reflects positive trends in Australia's labor market, driven by strong wage growth and narrowing gender pay gaps. These insights provide valuable indicators of economic health and offer valuable data for policymakers and businesses alike.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com