In contrast to official wage growth figures, popular job finding platform Seek has found a spike in salaries year-on-year.
This week, Seek released its Employment Trends report for the March quarter.
It reported an overall decrease in job advertisements of 11.7 per cent since March last year.
However, the report also found that average salaries have grown across Australia by 2.6 per cent in the last 12 months, despite weak wages growth reported by the Reserve Bank.
“Although year-on-year job ad growth declined this month, job ads continue to be at a relatively high level and the softening we are seeing in growth is mirrored by softening in GDP growth numbers,” said Kendra Banks, Seek ANZ’s managing director.
Interestingly, the data found a drop in jobs advertised in the finance sector. Sunsuper’s job index, also released this week, showed the opposite.
Despite Seek’s figures, the financial sector was better off than many other industries. This includes real estate and property, which saw a 20.5 per cent decrease. Construction also showed a 19.8 per cent decrease.
What the official numbers say
Last month, the ABS released its unemployment figures for February 2019, putting the nation’s trend unemployment at 5.0 per cent.
That was steady compared with January, which was revised down from 5.1 per cent. Seasonally adjusted, the rate for February was rounded to 4.9 per cent.
“The trend unemployment rate declined [by] 0.5 [of a percentage point] over the year, from 5.5 per cent to 5.0 per cent. The pace of decline slowed in recent months, which was consistent with the slowdown seen in recent job vacancies and GDP numbers,” ABS chief economist Bruce Hockman said.
According to the ABS, the rate of underemployment has also eased, with the number edging down “by less than 0.1 [of a percentage point]” for the month to 8.1 per cent. That figure is 0.4 of a percentage point lower than a year ago.