New research reveals three industries most likely to score pay rises within three months

As Australia’s cost of living crisis gets even more dire, new research has revealed workers from three industries can look forward to a pay rise soon.

Tuesday’s interest rate rise was yet another blow for Aussies already struggling with our cost of living crisis – but there could be some good news on the horizon for some workers.

According to new research from comparison site Finder, while wages continue to be a sore point for many of us, some industries are more likely than others to see a pay bump in the near future.

In fact, one in six employees – or 17 per cent – have already negotiated a higher salary over the past three months, with 9 per cent talking their boss into boosting their wage and 8 per cent earning a pay rise by switching jobs.

Meanwhile, 22 per cent are hoping for a pay rise, with 13 per cent currently in the middle of the pay rise negotiation process, while 9 per cent of us want one – but are too afraid to speak up.

According to Australian Bureau of Statistics data, 30 per cent of businesses overall plan to increase their employees’ wages in the next three months, with that number climbing to 49 per cent of large companies, and 8 per cent will roll out new staff benefits.

And whether or not you do end up scoring a pay rise could come down to what industry you work in, with administrative and support services, accommodation and food services and information media and telecommunications services the top three industries most likely to boost wages within the next three months.

One in six workers have recently pocketed a pay rise. Picture: iStock

But the news is less positive for those in electricity, gas, water and waste services, health care and social assistance and construction, which are the three industries least likely to approve a pay bump for workers.

Finder’s head of consumer research Graham Cooke said the aftershocks of the pandemic continued to impact Australia’s labour market.

“The lack of migrants and backpackers has severely dampened the number of workers, including in sectors like agriculture which traditionally rely on labour supply from overseas,” he explained.

“We’re also in the midst of a Covid surge as well as the worst flu season in years, which means at any one time a large portion of a company’s employees are off sick.

“This is also one of the reasons we’re still seeing major supply chain shortages.”

Mr Cooke said the demand for higher wages was another reason companies were struggling to fill roles.

“Many Australians are praying for a pay bump to ease cost of living pressures caused by inflation and shortages due to the war in Ukraine,” he continued.

Now is the time to start salary negotiations with your boss.

“If you think you deserve more money but your employer won’t budge, it can’t hurt to see what other roles are out there – just don’t sacrifice your long-term career goals for a short-term pay rise.”

He said there were many steps you can take to cut down on your spending.

“Often we adjust our spending to our incomes – when we earn more, we spend more. But there are other things you can do to boost your cash flow,” he said.

“Go for low hanging fruit like eating out less, cancelling your subscription services, a cheaper mobile phone plan and taking a break from online shopping.

“With interest rates crawling up again, now is also a good time to switch to a high-interest savings account.”

Nearly a third of businesses are having trouble finding staff, according to new ABS data. For large businesses, that figure jumps to 66 per cent, an increase from 43 per cent just one year ago, with one in four listing salary conditions as a reason they are unable to fill positions.

Finder’s research found male employees were more likely than their female counterparts to have negotiated a higher salary within the past three months, and that more than half of Gen Z workers have recently negotiated or are hoping for a pay rise, compared to 47 per cent of Millennials and 25 per cent of Gen X.

How your salary compares

According to the Australian Bureau of Statistics’ 2021 Census results, which were released late last month, the median personal weekly income for Australians across the nation is now $805 per week, or $41,900 a year.

That figure changes based on where you happen to live, with ACT residents raking in the highest median amount at $1203 per week, followed by the Northern Territory on $936, Western Australia on $848, NSW on $813, Victoria on $803, Queensland on $787, South Australia on $734 and Tasmania brining up the rear with $701.

The nation’s median personal income rose by $143 since the last census was conducted in 2016, and the figure includes the adult population from 15 years to over 85 years, including those who are unemployed or retired.

While NSW came in fourth place, it boasts the highest proportion of high income earners, with 373,000 people in the top income bracket, followed by Victoria and then Queensland, at 263,000 and 170,000 people respectively.

The census also revealed more than 9.6 million people are earning below the national median personal income or earning no income at all.