Australia’s annual average full-time wage hits A$90,000
ABS data from May showed that the average annual salary, excluding bonuses and overtime, rose 1.4% to A$90,329 (US$64,425).
For those able to earn extra income for overtime, the figure was higher at A$93,496 (US$66,684). In addition, the data showed that employees working 38 hours per week are getting A$1,737.10 (US$1,239) a week.
However, when the earnings of both part-time and full-time workers were calculated together, the average salary dropped to A$67,902 (US$48,430) or A$1,306 (US$931) before tax.
Peter Martin, visiting fellow at the Crawford School of Public Policy at Australian National University, attributed the “bizarre” high figures to many low-income earners losing their jobs in May last year, pushing the average salary up much higher than it is in reality.
Martin said that wage growth has actually been “dire” in recent years. “It’s hard to see it getting back to the 3% that was common from 1998 and until the time the Coalition got elected in 2013, and it’s just a coincidence but until then wage growth was nearly always between 3% and 4% and then it went down and down. Coincidentally, during the Abbott and Turnbull years, it got down as low as 2% and now it’s shot down to around 1.5% and now it’s just turning up a bit.”
In addition, the high savings rate of 12% for households and the compulsory increase to superannuation, which will be raised to 12% by 2025, are limiting the extent of salary increase, according to news.com.au.