Average weekly earnings growth higher in November
Australia's Average Weekly Earnings Rise in 2024: Key Insights
The Australian Bureau of Statistics (ABS) has released its latest data on average weekly earnings, revealing significant growth across various sectors. As of November 2024, the average weekly ordinary time earnings for full-time adults stood at $1,975.80, reflecting a strong 2.7% increase over the past six months.
Earnings Growth Trends
According to Bjorn Jarvis, head of labour statistics at ABS, the earnings growth in the second half of 2024 (2.7%) surpassed the 1.8% growth observed in the first half of the year. Notably, the annual growth rate remained at a high 4.6%, adding approximately $87 per week to workers’ earnings. This marks the highest annual growth since May 2020, a period that saw significant employment shifts due to the COVID-19 pandemic.
Private Sector Growth: 4.8% annually
Public Sector Growth: 3.4% annually
Wage Price Index (Private Sector): 3.3% annually
Wage Price Index (Public Sector): 2.8% annually
These figures indicate a stronger earnings growth trajectory, particularly in the private sector, where high-paying jobs continue to drive wage increases.
Average weekly ordinary time earnings, full-time adults, seasonally adjusted
Gender Pay Gap: A Slight Widening
One of the critical insights from the ABS report is the gender pay gap, which saw a minor increase from 11.5% in May 2024 to 11.9% in November 2024. However, this remains significantly lower than the 18.7% gap recorded a decade ago in November 2014.
Despite recent fluctuations, the narrowing trend over the years reflects ongoing efforts toward workplace gender equality, though more work remains to be done.
Regional Earnings Differences
The earnings report highlights variations across different states and territories:
Highest Average Weekly Earnings:
Australian Capital Territory (ACT) – $2,171
Western Australia (WA) – $2,157
Lowest Average Weekly Earnings:
Tasmania – $1,766
South Australia – $1,857
These disparities indicate that economic conditions and industry distributions continue to influence earnings across regions.
Average weekly ordinary time earnings, full-time adults by industry, original, November 2024
Industry-Specific Earnings
The earnings data also sheds light on the highest and lowest-paying industries in Australia:
Top-Paid Industries:
Mining – $3,112 per week (highest paying sector)
Information Media & Telecommunications – $2,508 per week
Lowest-Paid Industries:
Accommodation & Food Services – $1,431 per week
Retail Trade – $1,496 per week
These figures underscore the continued dominance of the mining sector in wage earnings, while service industries such as accommodation and retail trade remain on the lower end of the spectrum.
Conclusion
The latest ABS report highlights a positive trajectory in Australia’s wage growth, with substantial gains in the private sector and across high-paying industries. However, challenges such as regional income disparities and the gender pay gap persist. As economic conditions evolve, these insights provide valuable perspectives for policymakers, businesses, and job seekers navigating Australia’s labor market.
For more updates on Australia's economic trends, stay connected with LEAMSS.
Back to Home
