Australian wages pass historic figure

Australians were paid a historic amount overall for the month of September, as wages growth and the number of hours people were working increased.

For the first time in Australia’s history, total wages and salaries paid to employees passed $100bn in a single month.

The historic figure was reached as total wages and salaries paid to employees rose 3.9 per cent or $3.9bn between August and September 2024, as Aussies worked more, received bonuses and backpay.

In total, Aussies pocketed $103.7bn in September 2024, according to Australian Bureau of Statistics data released on Wednesday.

“The growth in September follows the pattern we’ve seen over the last two years, given a range of industries pay periodic bonuses at the end of the September quarter,” Bjorn Jarvis, ABS head of labour statistics, said.

“It compares with $97.5bn in September 2023 and $90.9bn in September 2022.”

Aussies have pocketed a record $103bn for the month of September. Picture: NewsWire / John Appleyard

“Given these factors were stronger a year ago, annual growth in total wages and salaries to September of 6.3 per cent was lower than annual growth to September 2023 of 7.3 per cent,” Mr Jarvis said.

Wage growth was from all 19 industries between August and September 2024, although it was not split evenly between sectors.

“Six industries accounted for three-fifths or $2.3bn of the rise in total wages and salaries in September 2024, which was similar to previous years,” Mr Jarvis said.

The hospitality industry experienced the lowest annual growth, rising 2.8 per cent over the past year.

“The lower annual growth to September 2024 in the accommodation and food services industry reflects weaker economic conditions and consumer demand compared to the year before,” Mr Jarvis said.

“This aligns with what we’ve been seeing in other labour statistics, including the labour account”.

Aussies looking to get a second job

The total payment might be increasing but plenty of Australians are still looking at ways to increase their salary.

Aussies are increasingly looking for a second job as cost of living pressures rise. Picture: NewsWire / John Appleyard

Research by recruitment firm Robert Half says almost one in two workers are considering taking up a second job to keep up with cost of living.

The overwhelming majority, 85 per cent, of workers would consider a second job solely for financial reasons, with 9 per cent saying it would help them reach personal financial goals, while 6 per cent considered it as an upskilling opportunity.

Nicole Gorton, director at Robert Half, said workers should watch out for burnout, even with cost-of-living pressures.

“Before taking on a second job, it’s essential for workers to assess their capacity, and ensure they can handle the additional workload without compromising their health or performance in their primary role.”

Ms Gorton suggested those considering a second job should check what (if any) obligations they have with their current employer.

Originally published as Australian wages pass historic figure