August 15th 2024.
New data from the Australian Bureau of Statistics has revealed that the average weekly wage for a full-time worker in Australia is just under $2000. However, this growth is showing signs of slowing down, with wages only increasing by 1.8% in the first half of 2024, compared to 2.8% in the six months prior.
According to Kate Lamb, the head of labour statistics at the ABS, this means that the average full-time wage before tax was $1923.40 a week in May. Despite the slowdown, Lamb notes that there was still a strong annual growth of 4.6% or an extra $85 a week.
This growth was slightly higher than the previous year, with wages increasing by 4.5% or an extra $81 in the six months leading up to November 2023. This growth was seen in both the public and private sectors, with both experiencing a 4.6% increase annually.
In more positive news, the gender pay gap has continued to shrink, reaching a "record low" of 11.5% in May. This marks the fourth consecutive drop in the biannual report. The decrease can be attributed to increases in pay in the education and training industries.
The highest average weekly wage was seen in the Australian Capital Territory, followed by Western Australia. On the other hand, the lowest wages were found in Tasmania and South Australia. In terms of industries, mining remained at the top with an average weekly wage of $3015, followed by IT and telecommunications, and financial and insurance services.
At the other end of the spectrum, the lowest paid full-time workers were in accommodation and food services, and retail trade. However, there was good news for part-time employees, with strong growth in their average earnings, resulting in a 5.8% increase for all employees in May 2024.
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