Seek’s ASI results show salary growth slowing down

Seek has released its advertised salary index (ASI) results for September 2022. Although salaries are still rising, they aren’t increasing as fast as they have been.

Matt Cowgill, Seek’s senior economist said, “Advertised salaries are still growing at a decent pace, but they’re no longer racing ahead like they were earlier this year.”

June saw the ASI grow 0.5 per cent, and it grew by 0.4 per cent in both July and August. September recorded a 0.3 per cent increase, showing that salary growth is slowing.

“The moderation in advertised salary growth is a good sign for inflation. We’re not seeing wages and inflation spiralling. Workers will be less comforted, with advertised salary growth lagging the cost of living,” Mr Cowgill continued.

Since September 2021, advertised salary growth has increased by 3.7 per cent. This quarter showed an increase of 1.1 per cent from last quarter.

“Changing jobs is still the best way to get a pay rise, with advertised salaries growing faster than overall wages. But the bidding war for jobseekers has eased a little in recent months.”