Recent data from jobs site Seek has revealed a surprising trend in the job market, with 30 occupations now regularly earning salaries in the six figures. This comes as a result of decade-high wages growth, pushing average full-time pay above $100,000 a year for the first time.
The occupations making the list include retail buyers, road train drivers, and insurance assessors, indicating a diverse range of roles in both white-collar and blue-collar sectors. The list, which only included roles with at least 300 job ads over the past three years, also features HR consultants, clinical nurses, and solar electricians, among others.
According to Seek, almost one in three roles on its platform boasted average advertised salaries above $100,000 a year in the second half of 2023, up from 25 per cent in the first half of 2021. This surge in high-paying roles has raised concerns about potential impacts on interest rates, as wages growth continues to trend upwards.
Additionally, Australian Bureau of Statistics data shows that average full-time pay in Australia reached $101,670 a year in November, up from $99,174 in May. However, it’s important to note that these figures can be skewed by relatively small numbers of highly paid employees, leading to a higher average.
Pay rises have played a significant role in headline inflation, overtaking import prices and supply shocks. Economists anticipate this trend to persist through 2023 and into 2024, potentially influencing monetary policy decisions.
Recruiter Nicole Gorton, a director at Robert Half, shared insights on the changing perception of a $100,000 salary. While it was once considered a substantial income, Gorton highlighted that the post-pandemic surge in inflation has diminished its value. She emphasized that $100,000 may no longer carry the same financial weight it did in previous years, depending on factors such as location and individual spending habits.
Gorton also noted that candidates in finance and accounting typically require a bachelor’s degree, industry qualifications, and at least two years of experience to secure a six-figure salary.
