The current salary landscape in Australia for 2024 presents a complex yet insightful picture across various industries, shaped by factors such as economic uncertainties, inflation, and evolving job market dynamics. As professionals and employers navigate this landscape, understanding the benchmarks and trends becomes crucial for informed decision-making.

Key Salary Benchmarks and Trends

The average salary in Australia now exceeds $90,000, with full-time workers earning an average of $1,769.80 per week, which equates to $92,029.60 annually before taxes. This represents a broad view of the income landscape across the country, offering a starting point for more detailed industry-specific insights.

Industry-specific Insights

• Technology, Accounting & Finance, and Risk & Compliance: These sectors continue to be pivotal in the salary discussions, with specific roles within these areas commanding varied compensation levels based on experience, skills, and regional factors.
• Manufacturing, Chemicals, and Energy: Notably, these sectors are projected to experience significant salary budget increases, with anticipated growth of around 4% for 2024, highlighting the demand for skilled workers in these fields.

Economic Factors Influencing Salaries

• Inflation: With inflation expected to decrease to 3.5% by mid-2024 and further to 2.75% by the end of 2025, salary discussions are increasingly taking into account the purchasing power of wages.
• Employee Turnover and Hiring Trends: High employee turnover in previous years has led to adjustments above planned salary increases, with a shift towards more cautious hiring plans amid economic uncertainty.

Hiring and Retention Challenges

Organisations face ongoing challenges in hiring and retaining talent, particularly in roles related to sales, marketing, product management, engineering, IT, and skilled trades. These difficulties underscore the importance of competitive salary offerings to attract and retain the necessary talent.

Looking Ahead

As companies prepare for 2024, adopting robust retention policies and reviewing total remuneration strategies will be key to staying competitive. This includes not only salary but also employee benefits, learning and development opportunities, and other retention strategies to navigate the slower economic growth and potential easing of salary adjustment pressures. These insights offer a snapshot of the current salary benchmarks and trends across different industries in Australia, providing valuable information for both professionals seeking to navigate their career paths and employers aiming to attract and retain top talent.