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The median fixed salary movement for the third quarter of 2022 was 3.0%, and is lower than the inflation rate of 7.3% recorded by the Australian Bureau of Statistics (ABS) in the year to September 2022. The official unemployment rate has remained stable at 3.5% at the end of the third quarter. While GDP growth has slowed but remains positive, and the Wage Price Index has grown although it remains low by comparison to inflation.
The median fixed salary movement for the third quarter of 2022 was 3.0%, and is lower than the inflation rate of 7.3% recorded by the Australian Bureau of Statistics (ABS) in the year to September 2022. The official unemployment rate has remained stable at 3.5% at the end of the third quarter. While GDP growth has slowed but remains positive, and the Wage Price Index has grown although it remains low by comparison to inflation.
October has seen the proportion of at-market (stable) pay declined slightly to 39%, with the other categories increasing accordingly with below-market (contraction) pay increases at 23% and above-market (expansion) pay increases at 38%.
Mercer’s measure of the gender pay index for October is 2.0%. The positive figure indicates that males are attracting higher salaries than their female counterparts.
The remuneration sentiment index score for October is 10.9%. This represents a decrease of 12.1 percentage points compared to September's figure.
In October 2022, overall new hire pay rate was -1.9%. This result indicates that the market is hiring at salaries below those already in the role.
(June 2022 – Seasonally adjusted)
(June 2022 – Seasonally adjusted)
(September 2022 – Weighted average of eight capital cities)
(September 2022 – Seasonally adjusted)
Unemployment remained stable at record low level at 3.5%, while the Wage Price Index (WPI) remains low. Inflation (as measured by the Consumer Price Index (CPI)) has seen a sharp jump over the year. Gross Domestic Product (GDP) increased 3.6% in the 12 months to June 2022.