Why earning less than six figures is now considered poor - Here's what you REALLY need to earn to be above average

Daily Mail​

4 hours ago

Australians working full-time earning less than six figures are now among the poor minority as demand soars for construction workers during an immigration-fuelled housing crisis.
For the first time, a majority of employment sectors in Australia have average salaries in the six-figure range before bonuses and overtime.
As of May, 10 out of 17 sectors had typical pay levels above $100,000 - up from just eight in November last year, new Australian Bureau of Statistics data showed.
Construction workers, covering builders and labourers, have now joined the six-figure salary club, as Australia grapples with an immigration-fuelled housing shortage.
Australia's average full-time salary grew by 4.5 per cent in the year to May, hitting $104,520 as wages growth now outpaces inflation.
This occurred as the typical weekly wage before bonuses rose above $2,000 for the first time - to $2,010.
Unemployment fell back to 4.2 per cent in July with 24,500 new jobs created, giving workers more power to bargain for higher wages.
Australians starting a new job are more likely to be working longer hours with 60,500 full-time jobs created last month as the number of part-time jobs fell by 35,900.
AMP deputy chief economist Diana Mousina said a tight labour market would only lead to higher wages, particularly for those in full-time work.
'The biggest direct implication of the jobs data is on wages growth,' she said.
'A tighter (stronger) labour market and a low unemployment rate puts upwards pressure on wages growth.'
Mining had the biggest full-time pay of $165,074 while hospitality workers in the accommodation and food services sector were the lowest paid at $75,904.
Construction ($101,795) and transport, postal and warehousing ($100,316) have joined the six-figure club, with high immigration levels expected to boost demand for tradies during a housing crisis.
'This will keep significant upwards pressure on housing demand,' Ms Mousina said.
Ten sectors out of 17 now have average salaries in the six figures including electricity, gas, water and waste services ($123,074), IT, telecommunications and media ($133,156), finance and insurance ($120,832), professional, scientific and technical services ($121,035), public administration and safety covering government workers ($109,372), education and training ($109,122) and healthcare and social assistance ($102,898).
Just seven sectors now have average, full-time salaries in the five-figure range including manufacturing ($93,012), wholesale trade ($97,947), retail ($78,229), rental, hiring and real estate ($97,526), administration ($94,557) and arts and recreation ($93,730).
The Reserve Bank is now expecting Australia's unemployment rate to stay at 4.3 per cent from late 2025 until December 2027.
Weak productivity is also expected to linger as workers produce less during a time of underinvestment in new capital and machinery.
'Productivity growth remains weak, weighing on the growth of the economy's supply capacity,' the RBA said.
With inflation now falling, AMP is expecting the RBA will cut rates in November, February and May next year, taking the cash rate from 3.6 per cent following Tuesday's cut to 2.85 per cent for the first time since December 2022.