Australians are earning more than the rest of the world and this is expected to continue, a new report has revealed.
The Australian Salary Movement Index found our salaries are predicted to increase by an average of 4 per cent across the board over the next financial year compared to 3 per cent in the UK, US and New Zealand.
The continuing growth bumps Aussies to the top rungs of the international pay ladder, with workers currently earning 10 per cent more than their US counterparts and a whopping 40 per cent more than their UK peers.
Report author Steven Paola, from global management consulting firm Hay Group, said the study showed Australian salaries were one of the highest worldwide across all job levels but we paid for it by living in expensive capital cities.
“The global view is very positive, with Australian salaries sitting higher compared with other advanced economies and also against emerging economies, which are experiencing the fastest rate of growth.” Mr Paola said.
The study, based on a survey of 270,000 workers across 440 companies in Australia, found clerical workers earn an average of $54,745, supervisory and junior professionals $86,169, middle management and senior professionals $161,059 and senior management and executives $366,169.
But it is the beneficiaries of the mining boom who lead the way – the top earners by location came from regional Western Australia and command a 16.8 per cent premium above average national earnings.
They are followed by regional Queensland and South Australia which have salaries of 1.83 per cent and 1.03 per cent above the national average respectively.
By contrast the capital cities have earnings slightly below the national average which is being propped up by resources.
The average Total Annual Reward salary across all levels and industries in the Hay Group PayNet database is $102,936.
But the pay gap between the resources sector and the rest of the market is set to keep widening, with the report predicting a further 6.3 per cent pay increase for many roles already commanding a premium of up to 35.5 per cent above the national average.
Insurance, fast moving consumer goods, building materials, business services and retail, actual salaries were between 3 and 10 per cent less than the national average.
Source: news.com.au