Younger Australians worried about their stalling career can console themselves with the fact pay levels don’t peak until after the age of 45.
Middle-aged workers have the highest average salaries of $80,300 a year before tax.
Those aged 35 to 44 had the second highest annual pay of $78,192 but this declines to $71,417 for those over 55.
Predictably, teenagers have the lowest wages of $19,952 but this rises to $58,635 for those aged 21 to 34.
Younger Australians worried about their stalling career can console themselves with the fact pay levels don’t peak until after the age of 45. Pictured are racegoers watching the Melbourne Cup on big screens in Melbourne
Commercial real estate broker Instant Offices has analysed Australian Bureau of Statistics average weekly earnings data.
Average salaries by age group
20 and under: $383.70 a week or $19,952 a year
21 to 34: $1,127.60 or $58,635 a year
35 to 44: $1,503.70 or $78,192 a year
45 to 54: $1,544.20 or $80,298 a year
55 and older: $1,373.40 or $71,417
Source: An Instant Offices analysis of Australian Bureau of Statistics average weekly ordinary time earnings data for full and part-time workers
They concluded Australians were earning less than the published government statistics.
Official data puts Australia’s average, full-time salary before bonuses at $89,122.
But Instant Offices calculated Australia’s average full-time was really $76,076 basing their methodology on two years worth of data.
University graduates earn more on average while salaries differ depending on the industry they work in.
Public servants earned $96,116.80 compared with $87,027 in the private sector, the ABS data for May showed.
In terms of professions, mining engineers are paid the most – $134,784 a year.
After mining, telecommunications offered the next highest average salary of $100,396 followed by finance and insurance services on $98,532.
Instant Offices urged workers seeking a pay rise to negotiate by selling their achievements and researching the labour market.
‘It helps to know how much your skills are worth and compare your salary with the industry average,’ it said.
‘Be mindful of your achievements and contributions at work, and use them to motivate a salary increase.’
Predictably, teenagers (pictured in Brisbane) have the lowest wages of $19,952 but this rises to $58,635 for those aged 21 to 34
Australia’s unemployment rate stood at 6.9 per cent in September, a level well above pre-pandemic levels of 5.1 per cent.
Tips for negotiating a pay rise
1. Promote your achievements
2. Research and compare your salary
3. Become an expert with extra training
Employers, however, are more upbeat with a monthly National Australia Bank survey released on Tuesday showing business confidence at the best level since mid-2019 – well before the COVID-19 pandemic.
The lifting of Melbourne’s three-month lockdown buoyed the spirits of business in the last week of October.
NAB chief economist Alan Oster said the end of the coronavirus crisis in Melbourne was a boost for all of Australia.
‘Victoria had not yet seen the end of Melbourne’s lockdown but expectations saw a rebound in confidence,’ he said.
‘We will continue to watch developments in the state, which is around a quarter of the national economy.’
In another good sign, a Commonwealth Bank analysis of credit and debit card activity in the week to November 6 showed spending was 13.2 per cent higher than a year ago.
This was the biggest annual increase since the start of the coronavirus pandemic in March and the first double-digit year-on-year increase since July 2020.
Online spending climbed by 25 per cent compared with a year ago while spending in shops rose 8.6 per cent, as Melburnians were allowed back into regional Victoria.
Commonwealth Bank senior economist Belinda Allen said the end of Melbourne’s lockdown sparked a surge in both online and in-store spending.
‘The easing of restrictions in Victoria, and more open and the prospect of more open internal borders, saw card spending surge,’ she said.
Those aged 35 to 44 had the second highest annual pay of $78,192 but this declines to $71,417 for those over 55. Pictured is a trade in Melbourne’s Queen Victoria Market
Those over 55 earned an average salary of $71,417. Pictured is a man selling products at Melbourne’s Queen Victoria Market