This comes as bad news to many across Australia who have been unable to catch a break with record breaking wage growth failing to keep up with inflation in 2022.
Whilst wages are growing more this year and inflation is reducing, it is not expected to provide enough relief to working Australians looking to catch a break this year.
Data from Seek shows that the Advertised Salary Index rose 4.7 per cent over the year to December meaning advertised salaries are growing the fastest since Seek began collecting data in 2016.
Expert economists say it takes time for wages and salaries to adjust to inflation with the gap slowly narrowing between the two.
Inflation relief in the form of lower costs to groceries may soon also be accessible across the country.
Woolworths’ Chief Commercial Officer, Paul Harker said prices might start to ease in 2023.
“In 2023, there are some reasons to be a little optimistic that the very worst of the inflationary cycle is over,” he said.
Mr. Harker said that the inflationary price hikes on some groceries were the worst they had been in 20 years.
“This is the result of system-wide, input-cost pressures which are very real and largely unavoidable for our suppliers,” Mr. Harker said.