Employment and wage statistics Australia

author-avatar By
on April 13, 2022 Fact Checked
Employment and wage statistics Australia

Ever wondered how many people are unemployed and underemployed? Or how much the average Australian earns? Discover these latest stats and more.

Labour statistics and wages data are some of the ‘big kahunas’ when it comes to the Australian Bureau of Statistics' reporting series. The Reserve Bank of Australia places a lot of emphasis on these statistics - released every month and quarter respectively - in deciding what to do with monetary policy.

Adjusting monetary policy (i.e. changing the cash rate) can influence what consumers pay in interest on their home loans, car loans and more. So, believe it or not, Danny down the road who’s been unemployed for five years with a ‘crook knee’ can influence what you pay on your home loan, in a roundabout sort of way.


Advertisement

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Lender

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Account (Amounts < $24k)

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    High Interest Savings Account (< $250k)

      4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Online Saver ($1-$100k)

        0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Reward Saver

          000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          BU Savings Account

            Rates based on a savings balance of $10,000. Sorted by total interest rates. Refer to providers' websites for bonus rate conditions and for any applicable fees and charges. Rates correct as of May 26, 2022. View disclaimer.

            Unemployment and underemployment rates

            The unemployment rate reflects the percentage of unemployed people in Australia in seasonally adjusted terms. Underemployment refers to the percentage of people who are employed but aren’t getting as many hours as they’d like. Anyone working one hour or more per week is considered employed - this is an international standard of measuring employment. 

            Participation rate

            The participation rate reflects the labour force (which includes the employed and unemployed) as a percentage of the civilian population aged 15 years and older. Those considered not in the labour force include those not actively looking for work - such as retirees and people permanently unable to work.

            Australia generally has a higher participation rate than other developed countries such as Canada, the United Kingdom, and United States. Ironically a higher participation rate can also push the unemployment rate up as it increases the pool of people in the labour force looking for work.

            Wages growth - wage price index

            These wages growth measurements reflect the percentage of wages growth when compared with the previous quarter (quarterly growth), plus the corresponding quarter of the previous year (annual growth). This data is seasonally adjusted, and encompasses both the private and public sectors.

            Wages vs Inflation

            To ‘beat' inflation, wages growth realistically needs to be higher than the consumer price index (CPI). This CPI is headline inflation, not underlying. Underlying inflation is headline inflation with short-term price impacts taken out.

            Average and median salaries

            This encompasses weekly ordinary time earnings (before tax), excluding any overtime or bonuses, in seasonally adjusted terms. The ‘average’ or mean salary is pushed out by a select cohort of very high income earners, while median refers to the ‘middle’ income.

            Average:

            Median:

            Casualisation rate

            The ABS defines a casual employee as someone who does not accrue annual leave as part of their job. Prior to the Covid pandemic, the ABS estimates casual employees made up a quarter of employees. During the pandemic it was estimated two-thirds of people who lost their jobs were casual. 

            Under the terms of casual employment in Australia, a casual employee usually receives no benefits such as sick, annual or personal leave, and can be terminated with zero notice. To compensate casual employees are usually paid a wage loading, usually 25%, on top of a normal industry award wage. Looking at the casualisation rate is important because it indicates how many people are in 'secure' work - for example, an office worker entitled to full benefits. 


            Photo by Zachary Staines on Unsplash

            Latest Articles

            author-avatar
            Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

            Collections:

            Be Savings smart.
            Subscribe for free money newsletters.

            By subscribing you agree
            to the Savings Privacy Policy