95% of employers have stated they intend on increasing salaries of their staff in the following 12 months, that’s a 7% increase from last financial and 28% increase from 2021. A whopping two-thirds of employers say they plan on increasing salaries above 3% which could take some stress off struggling Australians.
According to Hays Salary Guide 28% of professionals are satisfied with their current salary, and the wage price index has rebounded from its low rate of 1.4% in 2020 and 3.7% in 2021.
With inflation hitting 6.8% essential items are increasing at an surprising rate with food costs hitting 8% and housing costs rising by 9.8% .
Almost 78% of Australians believe it is reasonable to expect a pay rise to keep up with inflation in order to afford essential items.
This could be the fastest wage increase in more than a decade since 2009. Minimum wage, aged care and award pay is all expected to rise in line with federal budget and are expected to add 0.5% to wage growth to low paid support workers.