Are you eager to know what is the average salary in Australia?
According to the Hays Salary Guide FY23/24, average salaries in Australia continuously fluctuate based on the industry and location. However, $90,000 AUD is above the median Australian salary and according to the salary comparison and career resources website, Salary Expplore the average salary in Australia per month is $7,570 AUD which is equal to $5,032 USD according to the exchange rates in April 2023.
In this article, we will discuss the topics of average income in Australia, median wage and what is the minimum income in Australia that is set mandatory by the Australian Bureau of Statistics (ABS).
We will also cover the factors that influence average income in Australia and some of the highest-paying industries in Australia.
What is the importance of staying updated with salary trends?
Staying updated with salary trends is vital because it:
- Informs career decisions and negotiations.
- Enables fair salary benchmarking.
- Enhances financial planning.
- Boosts job satisfaction.
- Offers insights into economic situations.
- Identifies career advancement possibilities.
- Provides a competitive edge for employers.
- Demonstrates market awareness.
- Contributes to long-term financial security.
Trends and statistics of the average salary in Australia
I. Average salary
The average salary is calculated as the total salary derived by adding the salaries earned by all the citizens and dividing by the number of citizens.
As mentioned earlier, according to SalaryExplorer, which draws on data from employers and surveys of workers, Australia’s average yearly income is $90,800 (AUD).
According to the latest statistics from the ABS released in August 2023, the average weekly earnings for an Australian citizen working full time are $1838 (AUD). This report also indicates an annual increase of 3.9% or $68 per week.
II. Median Salary
This median salary represents the middle value of all salaries considered and arranged in either increasing or decreasing order.
The median salary in Australia for 2023 is approximately 6,650 Australian dollars (AUD) per month or $4,420 USD. The media salary in Australia calculated per year is The median salary is $80,100 (AUD). This indicates that half of the Australian population earns less than 6,650 AUD per month, while the other half earns more than that.
III. Minimum Wages
According to the International Labour Organization, minimum wages are “the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract”.
Australia has a national law requiring a minimum hourly wage of 21.38 AUD (USD 14.21) for both part-time and full-time workers. This minimum wage is significantly better than that of the US (USD 7.25 per hour) and the United Kingdom (GBP 10.42 or USD 12.93 per hour). Employers must not pay a cent lower than the minimum wage, as stipulated by the Fair Work Commission, which handles workplace disputes.
National Minimum Wage increase
Australia has recently introduced an increase in minimum wages and these increases to a minimum and award wages take effect from July 1, meaning Australian employees on the minimum wage working 38 hours a week will earn a minimum income increase of 5.75%. This means the new National Minimum Wage will be $23.23 per hour or $882.80 per week.
IV. Annual Salary Increment Rate
Do you wonder how much are annual salary increments in Australia? How often do employees get salary increments in Australia?
As the answer to this question employees in Australia can expect an average salary growth of 8% every 16 months. Interestingly, this increment rate is actually higher than that of the world which is 3% every 16 months according to the Salary explorer.
The term “Annual Salary Increase” typically denotes the raise given over a period of 12 months. However, since salary reviews are not exactly done on the one-year mark, it is more practical to consider the frequency and rate at which salary increases actually occur.
Factors Influencing Salaries in Australia
The average salary may vary according to the influencing factors, such as the industry of work, the specific role of employees, years of experience and qualifications, and location. Let us understand them clearly.
A. Experience
Experience plays a crucial role in determining salaries in Australia with higher levels of experience resulting in chances higher wages.
Here is how salary changes with experience:
- Employees with 2 to 5 years of experience typically earn an average of 32% more than entry-level and junior employees in all industries and fields.
- Employees having experience over five years of experience tend to earn an average of 36% more than individuals with less than 5 years of experience.
- Employees with ten years of work experience earn salaries with an average increase of 21%, compared to those with less than 10 years of experience.
- Employees with work experience over 15 years will earn wages with an additional 14% increase.
Happy employees are much more likely to participate in all activities and work well with customers.Let's start by describing what an employee schedule is.
Here are the top six benefits you should consider!1) Ensure productivity.Employees stay on track and know exactly what they are supposed to do each day when the correct employee schedule is created based on work requirements.By automating manual processes like time tracking and reporting, workforce scheduling improves efficiency.
Employee administrators can spend more time on other important tasks thanks to improved scheduling capabilities.2) Increased flexibilityImplementing workforce scheduling increases flexibility.
It is important to create schedules that can be quickly adjusted when unforeseen sick days and emergencies arise from time to time.
Payroll becomes easier when you have a proper scheduling system.To increase employee retention, you need to improve the scheduling system.
Overworked, dissatisfied and underappreciated employees will quit if given a chance.
One way to measure employee productivity effectively is through questionnaires.
You can conduct interviews with your employees and ask them about their opinion regarding several aspects of your business.
From the answers that they give, you will be able to tell how productive your employees are and how you can improve the productivity of your company.
This is indeed one effective way to measure employee productivity.
