Australian Salary Outlook 2024 

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One in four employees received a 7%+ pay rise in 2023

More than 1,200 organisations participated in Mercer’s Total Remuneration Survey Australia 2023. The results suggest that employers offered generous salary increases to mitigate the surge in employee turnover and support workers with the rising cost of living.

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  • Salary budgets forecast and salary movements by industry
  • Short-term incentive forecasts
  • Hot jobs of 2023
  • Employers' hiring intentions and employee turnover trends
  • What you can do to retain top talent

Key salary trends

With inflation peaking and employee turnover higher than anticipated, Australian employers increased salary budgets to 4%, higher than last year’s projections.

All industries saw higher median base salary increases compared with last year.

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This content is intended to inform clients of Mercer’s views on particular issues. It should not be relied upon or used as a substitute for professional advice specific to a client’s individual circumstances. Whilst Mercer believes the prospective information and forward looking statements made by Mercer in this report are based on reasonable grounds, they are predictive in character and may therefore be affected by inaccurate assumptions or by known or unknown risks and uncertainties. This content has been prepared by Mercer Consulting (Australia) Pty Ltd (MCAPL) ABN 55 153 168 140. ‘MERCER’ is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917.
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