SEEK Advertised Salary Index - August
The SEEK NZ Advertised Salary Index (ASI) measures the growth in advertised salaries for jobs posted on SEEK in New Zealand on a quarterly basis.
NATIONAL ADVERTISED SALARY TRENDS
Advertised salary growth rose by 0.5% q/q.
Annual advertised salary growth slowed to 2.0% y/y in August, this has now declined 3.1ppt since 2023.
REGIONAL ADVERTISED SALARY TRENDS
Slower annual growth in advertised salaries on the South Island and in Wellington continue to pull down the national average.
Quarterly and annual average advertised salary growth was fastest in Canterbury at 1.0% q/q and 2.9% y/y.
INDUSTRY ADVERTISED SALARY TRENDS
Annual advertised salaries grew fastest in the relatively small Mining, Resources & Energy industry at 9.4% y/y, well above the national average of 2.0%.
Four of SEEK’s 27 industry classifications experienced annual advertised salary declines over the year to August, with the largest decline for Design & Architecture roles (-1.4%), and Government notably falling -0.7% y/y.
SEEK Country Manager, Rob Clark says:
“Annual average advertised salary growth continues to slow, despite quickening slightly in the most recent quarter.
“Growth was relatively slow in Auckland over the three months to August, perhaps reflecting the high number of people looking for work in the region right now. The good news for candidates is we’ve seen a slight increase in job ads in recent months.
“Most industries are recording increasing average advertised salary growth but only a third have advertised salaries that are growing faster than inflation.”
National Advertised Salary Trends
Advertised salaries rose by 0.5% q/q, this is broadly in line with the quarterly growth recorded in 2019 but much slower than that experienced in 2023.
Annual advertised salary growth continued slowing to 2.0% y/y. Despite this slower annual wage growth, since 2019 advertised salary growth has averaged 3.1% y/y, faster than the typical rate prior to the onset of COVID-19.
Regional Advertised Salary Trends
Over the past quarter advertised salaries grew the fastest in Canterbury (1.0% q/q), notably outpacing the rest of the country. Two solid quarters of advertised salary growth means that Canterbury has also experienced the fastest annual advertised salary growth (2.9% y/y).
Despite accelerating slightly this quarter (0.5% q/q), annual advertised salary growth in Wellington continues to be slower than the other major metro areas (1.5% y/y). Although growth in Wellington is slower now, the capital has experienced faster average advertised salary growth than Auckland since August 2019.
The slower annual growth in advertised salaries on the South Island and in Wellington continue to pull down the national average. Advertised salary growth in the Rest of the South Island has been relatively volatile this year, reflecting the mixed labour market outcomes across the region.
Industry Advertised Salary Trends
Advertised salary growth in the Mining, Resources & Energy industry was fastest over the past quarter (3.3% q/q) and over the year (9.4% y/y). Although the industry is relatively small and its advertised salaries can be volatile, it has experienced the fastest average annual advertised salary growth since August 2019 (6.9% y/y on average).
The Real Estate & Property industry had the second fastest advertised salary growth over the year to August (7.6% y/y), with a few robust quarters after relatively weak growth in 2024.
Advertised salary growth has slowed recently in the Science & Technology industry, but its annual rate of growth continues to be a step above most other industries at 7.6% y/y.
Over the past year, advertised salaries in the Design & Architecture industry have declined by 1.4% y/y. Despite this decline, the industry has still experienced average growth of 3.3% y/y since August 2019.
Advertised salaries for roles in Government experienced a 0.3% decline in growth q/q, likely dragging on overall advertised salary growth in Wellington.
The data for this report and more information about how the SEEK ASI is put together can be found here.