Average Salary by Age in Australia: Are You Earning as Much as You Should?

As you gain more skills and experience in your profession, your value to your employers will increase, but are you earning as much as you should for your age?

For most of your working life, your earnings and your age will move upward together as you learn new skills and increase your potential. However, several other variables can influence how much you earn throughout your career. Find out more about the average salary by age Australia, and what can potentially influence how much you earn.

Average Salary in Australia

According to the Australian Bureau of Statistics, the average weekly earnings in Australia are as follows:

• $1,110 for all employees
• $1,463 for full-time employees
• $577 for part-time employees

There is a noticeable gender wage gap in the Australian full-time workplace currently, with men earning a weekly average of $1,810.90 and women earning $1,515.60. Things are much more equal in the part-time workplace, however, with men making $666.00 on average per week, and women earning $669.30.

Factors that Influence Salary Growth

These factors play a significant role in determining how much you should be earning at your age.

Education:
A suitable qualification from a reputable institution will definitely improve your earning potential.

Experience:
The number of years you spend in a particular role, sector or industry will have a big impact on the average salary by age in Australia.

Industry:
Salary ranges differ significantly across different industries depending on the skills required, the demands on the employee and the level of education needed.

Company:
The company size and culture of your employer’s business will also play a role in your salary.

Gender:
The gender pay gap in Australia is significant, with male employees earning a weekly average of $1,525.40 while female employees earn a weekly average of $1,053.30.

Age:
As we mentioned earlier, your age will play a significant role in your earnings, depending on your experience and position.

Location:
States and territories can have a significant impact on Australian workers’ earnings. For example, in 2018, the average weekly total cash earnings were highest in the Australian Capital Territory at $1,517.20. Meanwhile, they were lowest Tasmania ($1,092.30) and South Australia ($1,153.40).

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What is the Average Salary By Age in Australia?

Australian employees can expect their earnings to increase throughout their careers until they reach the age bracket above 55 years when their earnings will drop slightly.

Age group and average weekly total earnings:

• 20 & under: $383.70
• 21 to 34: $1,127.60
• 35 to 44: $1,503.70
• 45 to 54: $1,544.20
• 55 & older: $1,373.40

Research showed that workers in managerial positions earned the most, with an average weekly salary of $2424.50, particularly in the 45 to 54 age bracket. Meanwhile, workers in sales had the lowest average weekly earnings, at $735.90.

Five Top-Paying Australian Industries

Australia’s average weekly total cash earnings were shown to be the highest in these industries in recent years:

• Mining: $2,674.80
• Manufacturing: $1,334.70
• Electricity, Gas, Water & Waste Services: $1,922.00
• Construction: $1,573.90
• Wholesale Trade: $1,339.50

The Road to Success

Whatever your chosen career might be, there’s always room to grow. Your salary will grow along with your skills, knowledge and experience.

Here are a few ways to help speed up the process and increase your earnings in the short term:

1. Negotiate a raise
Be mindful of your achievements and contributions at work, and use them to motivate a salary increase.

2. Research and compare your salary
It helps to know how much your skills are worth and compare your salary with the industry average.

3. Become an expert
Take the initiative to do some training or study online courses, to learn more about your industry and role.

If you keep improving your worth, learning from good mentors and studying further, you can improve your salary and overall success at every stage throughout your career.

Method:
The Australian Bureau of Statistics has calculated earnings by age. They are based on two years worth of data which comes from a sample of Australian employers and 53,000 employees.

 

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