Latest news with #salarygrowth
News.com.au
8 hours ago
- Business
- News.com.au
Jobs with fastest-growing salaries in Australia revealed
Australians looking for a quick pay rise should think about becoming government and defence analysts after salaries for those roles jumped more than 25 per cent in the past year. The average salary for analysts is now $130,117 after a 26.8 per cent rise in their advertised pay rates since 2024, according to new data from Seek. The next highest pay bumps were 24.5 per cent for taxation consultants, 21.1 per cent for banking operations analysts, and 19.0 per cent for maintenance managers in the manufacturing, transport and logistics sector. Many of the roles with the highest salary growth were in skilled jobs in key industries, including infrastructure. Seek senior economist Blair Chapman said the salary growth in electrical engineering roles in the mining sector had been 'relatively rapid' over the past year. 'The mining sector pays some of the highest wages of any sector and they are increasingly competing with renewable energy providers for roles like electrical engineers, which is likely driving them to offer high wages to keep and attract workers into the sector,' Mr Chapman said. There was also growth in the building sector, with the average advertised salary for project administrators on construction projects up 16.8 per cent in the past year. 'An increase in building approvals and commencements, which were sitting around decade lows at the beginning of 2024, alongside ongoing infrastructure projects, has likely driven an increase in the competition for project administrators,' Mr Chapman said. 'This has contributed to the strong salary growth.' But all is not lost for those working entry-level roles. Customer service representatives working in retail saw a 16.2 per cent bump, up to an advertised salary of $68,435. Assistants in hospitality and tourism received a 15.6 per cent pay rise, bringing them to an average advertised salary of $70,762. This new data comes just days after the Fair Work Commission announced a 3.5 per cent increase in the minimum wage from July 1. Workers on the national minimum will earn at least $49,296 per year or $24.95 per hour. At the time, Employment Minister Amanda Rishworth welcomed the increase as a win for workers. 'Our government believes that workers should get ahead with an economically sustainable real wage increase,' Ms Rishworth said.
Yahoo
8 hours ago
- Business
- Yahoo
Jobs with fastest-growing salaries revealed
Australians looking for a quick pay rise should think about becoming government and defence analysts after salaries for those roles jumped more than 25 per cent in the past year. The average salary for analysts is now $130,117 after a 26.8 per cent rise in their advertised pay rates since 2024, according to new data from Seek. The next highest pay bumps were 24.5 per cent for taxation consultants, 21.1 per cent for banking operations analysts, and 19.0 per cent for maintenance managers in the manufacturing, transport and logistics sector. Many of the roles with the highest salary growth were in skilled jobs in key industries, including infrastructure. Seek senior economist Blair Chapman said the salary growth in electrical engineering roles in the mining sector had been 'relatively rapid' over the past year. 'The mining sector pays some of the highest wages of any sector and they are increasingly competing with renewable energy providers for roles like electrical engineers, which is likely driving them to offer high wages to keep and attract workers into the sector,' Mr Chapman said. There was also growth in the building sector, with the average advertised salary for project administrators on construction projects up 16.8 per cent in the past year. 'An increase in building approvals and commencements, which were sitting around decade lows at the beginning of 2024, alongside ongoing infrastructure projects, has likely driven an increase in the competition for project administrators,' Mr Chapman said. 'This has contributed to the strong salary growth.' But all is not lost for those working entry-level roles. Customer service representatives working in retail saw a 16.2 per cent bump, up to an advertised salary of $68,435. Assistants in hospitality and tourism received a 15.6 per cent pay rise, bringing them to an average advertised salary of $70,762. This new data comes just days after the Fair Work Commission announced a 3.5 per cent increase in the minimum wage from July 1. Workers on the national minimum will earn at least $49,296 per year or $24.95 per hour. At the time, Employment Minister Amanda Rishworth welcomed the increase as a win for workers. 'Our government believes that workers should get ahead with an economically sustainable real wage increase,' Ms Rishworth said. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Telegraph
19-05-2025
- Business
- Telegraph
Workers turn down £100k salaries to avoid tax trap
Higher earners are working four-day weeks, stuffing their pensions and taking more holidays to avoid tax 'cliff edges'. New data suggests more workers are deliberately limiting their salary growth in order to avoid tax traps that kick in at certain income thresholds. The number of taxpayers earning just below £100,000 has soared by 60pc in five years to hit 117,000, according to a Freedom of Information request seen by The Times. Meanwhile, the number of taxpayers earning just below the higher-rate tax band of £50,271 has hit nearly one million, an increase of 50pc. Robert Salter, of accountancy firm Blick Rothenberg, said taxpayers were saving more into their pensions while others were reducing their hours by working four-day weeks or taking an extra 10 or 15 days of annual leave per year. He said he had also seen employers providing workers with electric cars as part of a salary sacrifice arrangement. 'Rather than paying someone say £105,000 cash in a tax year, it might be better to offer them a salary of £95,000 and a Tesla or similar e-car.' Economists have warned that cliff edges in the tax system undermine Rachel Reeves's mission to drive economic growth. Even a small pay rise can lead to a significant tax rise or the loss of valuable benefits for workers who cross certain earnings thresholds, thereby incentivising workers to cut their hours or turn down opportunities. For example workers lose their personal allowance of £12,570 at a rate of £1 per every £2 once they earn over £100,000 a year. This creates an effective 60pc tax trap on income of between £100,000 and £125,140. On top of this, parents earning over £100,000 can miss out on thousands of pounds worth of childcare support due to the removal of free childcare. Mr Salter said: 'If you earn £1 above the £100,000 threshold and are presently getting free childcare, you lose that benefit fully – so in effect, it is akin to a 100pc tax charge.'
Times
19-05-2025
- Business
- Times
‘Tax cliff edges' for childcare raise doubts on growth strategy
Parents are restricting their salary growth in a blow for Rachel Reeves, according to new figures seen by The Times. Freedom of Information requests to HMRC, covering six years of salary analysis, suggests people are increasingly sitting under the key earnings thresholds for fear of obstructive marginal tax rates. Free hours and tax-free childcare stop abruptly when one parent earns £100,000, while child benefit was restricted, until last year, at the £50,000 limit. The latter figure was increased by Jeremy Hunt, the former chancellor. The figures raise questions about the government's approach to increasing growth from pay, with parents bunching their income in a £3,000 range under tax cliff edges in order to keep childcare advantages. In many cases, all help with childcare costs would be lost by a parent earning a penny over the cap. Nearly 1 million taxpayers sit just below the higher-rate tax bracket of £50,271, an increase of more than 50 per cent compared with five years ago. This is where child benefit was curtailed until April 2024. The benefit now starts to fall when a parent earns £60,000 on a sliding scale to £80,000 a year. For people earning close to £100,000 the penalties are even more stark. The new analysis shows another leap in the amount of people sitting just under this tax threshold. When breached by one parent, they no longer receive free nursery hours (for children aged nine months to three) or tax-free childcare. Childcare costs peaked at more than £15,000 a year in England last year but have since fallen with the expansion of free nursery hours for children over nine months old. The expansion was not followed in Wales and Scotland, where costs for younger children are now more expensive than in England. Tax-free childcare is worth up to £2,000 per child each year. The Times figures reveal for the first time the extent to which parents and higher earners are reducing their earnings, because of the penalties combined with the freeze in tax thresholds, also known as fiscal drag. It results in some parents having to earn tens of thousands more before the tax system makes it worthwhile to lose the childcare help. The data shows a large dip in the numbers of taxpayers in the brackets immediately after the cliff edges, emphasising the work being done by parents to keep incomes lower. This could come in the form of extra private pensions payments or simply not accepting pay rises or promotions. The Centre for the Analysis of Taxation (CenTax) said the policy against parents was hugely costly for everyone and 'cuts strongly against the government mission to support growth'. 'When getting paid more actually loses you money, because of the withdrawal of childcare, it is no surprise that people find ways to hold their taxable income down,' Dr Arun Advani, director at CenTax and associate professor of economics at The University of Warwick, said. 'Some of that will be payments to charity or into a pension, while others will choose to work part-time or turn down a stressful but lucrative promotion.' Justine Roberts, the founder and chief executive of Mumsnet, said that parents were too often turning down promotions or cutting their hours due to the system. She believed the findings also highlighted the importance of government support. 'Many Mumsnet users feel that a tapered cut-off would make more sense both for families and for the economy, rather than a blunt tool that forces parents to work less so that childcare is more affordable,' Roberts said. A spokesman for the Department for Education said: 'The overwhelming majority of parents earn less than £100,000 and too often it's the most disadvantaged families who miss out on the support they need. Fixing this is a government priority.'
