Tech is Australia’s highest-paid sector, workers take home almost $40,000 more than bankers
Australia’s highest-paid workers take home almost $40,000 more than the next richest sector per year, but experts warn switching jobs doesn’t guarantee a pay rise.
Tech workers are now paid an average salary of more than $206,000 a year, well above the wages received by tradies and those in the mining sector.
Exclusive data has revealed the top five paying industries, with ICT workers commanding an average salary of $206,117.
That’s almost $40,000 more than those in the banking, finance and insurance sector, who are the next best paid, with an average annual wage of $168,238, according to the data from Employment Hero.
Workers in the science industry are in third spot, on $150,265.
Those in construction and trade services and agriculture, mining and energy – often seen as the most lucrative employment sectors – round out the top five, on $133,908 and $129,660 respectively.
At the bottom of the ladder, workers in retail, hospitality and tourism are the lowest paid, on just $78,818.
Encouragingly, the data shows workers don’t have to be the highest-ranked within their sector to be paid top dollar, with tech salespeople (account executives) paid about $13,000 a year more than chief technology officers.
In the trades sector, crane operators earn, on average, a whopping $226,653 – more than $60,000 higher than the salary paid to project managers.
No quick money fix
Employment Hero talent solutions managing director David Holland cautioned against workers impulsively switching industries to manage rising living costs, warning the highest paid jobs across all sectors required years of experience.
Instead, he hoped the data would help young people trying to choose a career and existing workers seeking to progress to more lucrative roles within their specific sector.
“If you look at the highest-paid roles within those five sectors, there’s certainly no entry-level jobs there. They’re all jobs that require some level of training and experience,” Mr Holland said.
“It’s understandable that people are looking to switch careers because they’re frustrated by the fact that their rent and electricity and food bills are rising faster than their salary but (achieving) those high levels of pay requires a level of expertise and training and on-the-job experience.
“If someone with a 10-year career (within a specific industry) is changing sectors based only on earning potential, I think they would be better to explore the opportunities within their current industry first.
“You’re not going to earn $226,000 if you’re an entry-level crane operator, you need to have a lot of experience and be a proven operator to get that.”
Even among the lowest paying sectors, such as retail, education and healthcare, there were still lucrative opportunities for those in specialised roles, Mr Holland said.
Passion over pay
As product development director with Optus, Satish Irudaya works in one of Australia’s highest paying sectors and in one of the most lucrative roles.
But Mr Irudaya, who holds an engineering degree and a Master of Business Administration, said it had taken two decades of work experience to reach his position.
He said while his income was “not too bad”, it was not the reason for choosing his profession.
“Obviously money is important, given the costs of living and if you want to enjoy life,” Mr Irudaya said.
“And sometimes, on the days you feel really low, salary becomes the motivator to get through the pain points.
“But we spend the most critical part of the day working so you have to enjoy what you do.
“This matches my passions. And there’s also a lot of opportunities where I am (to progress further), which is my (main) motivator.”
The key to top dollar
Career coach Rebekah Di Blasi, founder of Design Your Best Work Life, agreed most workers, regardless of sector, needed considerable experience to command “big money”.
She said sales roles and positions that were able to use AI to create greater efficiencies could also attract higher pay.
“Sales anything can have good earning power because if you are responsible for generating significant value or income for your organisation then you are going to be well paid – although it’s a super-pressured role and it takes a certain person to be good at it,” Ms Di Blasi said.
High-risk roles were also well paid, she said, citing train drivers, who command salaries of about $130,000, and long-haul truck drivers, particularly those transporting dangerous goods.
Workers looking to remain within their existing industry but maximise their income needed to prove to their employer they were adding value to the company if they were to successfully request a pay rise, Ms Di Blasi said.
In many cases, moving to a different company in a similar role could also enable a wage increase, she said.
She said contract work also attracted higher pay than permanent roles but carried the risk of unstable employment.
HIGHEST PAID SECTORS (average total annual salary):
1. Information and Communication Technology – $206,117
2. Banking, finance and insurance – $168,238
3. Science and tech – $150,265
4. Construction and trade services – $133,908
5. Agriculture, mining and energy – $129,660
LOWEST PAID SECTORS (average total annual salary):
1. Retail, hospitality and tourism – $78,818
2. Education and training – $81,916
3. Call centre and customer service – $84,512
4. Administration and office support – $87,889
5. Healthcare and community services – $94,247
Source: Employment Hero
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Originally published as Tech is Australia’s highest-paid sector, workers take home almost $40,000 more than bankers
