The Australian Bureau of Statistics today released its average weekly ordinary time earnings report, which showed a 0.5 per cent increase in the December quarter.
The guys at CommSec took a closer look at the data, and worked out that the average wage across the country as a result, is $69,170.
More interesting, is that over the past three years, wages rose by around 15 per cent, while prices climbed by 8 per cent. That means, the notion that Australians are doing it tougher seems to be wrong, because our pay packets are rising faster than inflation.
But that’s true depending on which part of the economy you work in.
Today’s numbers show that wages grew the fastest over the year in wholesale trade, construction and mining. The weakest growth came from administrative and support services, financial and insurance services and rental hiring and real estate services.
On a state by state basis, the average wage is highest in the ACT at $80,054 and Tasmania the lowest at $60,960.
But if you want to know where the real money is, it’s in mining.
The average wage in that industry is $113,636. Only five years ago, miners were getting on average around $75,000. Not a bad increase hey?
Next comes scientific and tecnical services at $82,212, finance and insurance at $80,480 and information media and telecommunications at $80,257.
The worst wage at $49,785 is in the accommodation and food services sector followed by retail trade at $50,898.
Hopefully those stats won’t make you feel too bad about your job, but you can always refer back to that age old saying, money doesn’t buy happiness.
I agree, but I do think money helps.