The Australian Bureau of Statistics (ABS) has released its average weekly earnings report which does exactly what it says on the tin. By taking the average weekly earnings and multiplying them by 52, it's possible to work out the average annual wage in Australia. Here's how much you should be earning.
Average Australian Weekly Earnings: $1164.60
Average Australian Yearly Earnings: $60,892.
The ABS average weekly earnings report estimates the average value of wages and salaries paid to employees by an employer over a specified period, and takes into consideration both hourly rates of pay and the amount of hours worked.
The average weekly earnings for Australians currently stands at $1164.60, according to the ABS' research data. This equated to average yearly earnings of $60,892.
This constitutes a wage growth of just 1.6 per cent over 12 months, which is the slowest annual pace on record. (By contrast, when the report was last released in May 2016, wages had grown by 2 per cent.) It is also below the inflation rate at 1.5 per cent.
When separated from part-time and casual workers, full-time employees fared slightly better, with a weekly earnings lift of 2.2 per cent. This works out to $1,592.40 per week, or $82,804.80 across the year.
The ABS report also separated the numbers by gender. It found that the average full-time weekly earnings for males was $1631, while their female counterparts made $1388.70. While a gender wage gap is still apparent, female wages actually rose substantially higher than male: 3.2% vs. 1.8%.
You can also see how workers fare in each Australian state and territory in the ABS chart below:
And here's how much an average Aussie earns by industry:
If you're feeling bummed out by these figures it's worth noting that average wages are not the same as median wages - the people at the top can skew the overall results. If you're making under $1164.60 a week, this does not necessarily mean that you're in the "bottom half" of the population.
How does your weekly wage stack up to the national average? Feel free to vent or gloat in the comments!
Feeling like you might be underpaid can be one of the most disheartening aspects of work. According to a recent survey from Glassdoor, a whopping 39 per cent of employees believe they are not receiving fair pay in their current job. But it’s hard for them to be sure. Here are 15 signs you’re paid less than you should be.
[Via Business Insider]