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The resources boom, together with billion dollar infrastructure projects and generally strong businesses conditions have seen our local economy expand in all directions in recent years.
It is estimated over two million jobs have been created over the past two decades. As the country approaches full employment, what effect has this recent hive of economic activity had on Australian wages?
According to Adam Harris from global recruitment consultancy, Robert Walters, Australian companies are now willing to pay unprecedented salaries to those workers most heavily in demand.
“I think the engineering field has increased distinctly, particularly in mining, and I think that’s in relation to the mining boom and the demand and pressures associated with that,” Adam says. “I think if you look at that market place it’s quite self-evident and it’s a supply and demand thing.
“Other fields, there’s a high demand for accountants, in particular commercial accounting, or the more traditional accounting type of roles.
“And interestingly IT has increased dramatically over the past couple of years.
“I think with a buoyant economy and growth, the difference between the demand for IT now and a few years ago, when it probably went through a little bit if a slump, has changed a lot and resurfaced as an increasingly in-demand skill.
“I think the biggest increase has certainly been in the mining industry and is reflective of the boom. And all the support things that go with that, so anything that supplies to the mining industry or supports the infrastructure that goes around it.
“Some of the mining engineers for example, who only come out with a few years growth (in experience), can certainly be earning in excess of $100,000 on site and some of them, distinctly more than that,” Mr Harris said.
According to employment website My Career’s salary centre, mining-related professions are now among the highest paid of any industry. Mining engineers are earning between $70,000 and $210,000 a year.
Geologists and exploration experts also have the capacity to earn up to up to $200,000 a year. Support services like environmental health and safety officers are by no means left behind, earning between $60,000 and $160,000 annually.
Infrastructure-related jobs are not far behind. A civil engineer can now expect to earn between $45,000 and $190,000 a year. Construction managers are also capitalising on the boom, earning between $45,000 and $225,000 while surveyors earn up to $180,000.
Wages are not just skyrocketing in the professional arena. Labour Solutions Australia managing director, Andrew Northcott said skilled tradespeople are also cashing in on the economic boom.
“Any industries that are servicing the mining industry … electricians would be number one. Three years ago they would have been low $20s (per hour), they’re now getting paid $36 an hour, truck drivers in mining regions are on six figure salaries. The construction sector in Brisbane, or in any major city, has certainly seen a major increase in all the trades,” Mr Northcott said.
In fact an electrician’s average salary has grown by over 11 per cent, or $7,000, over the past six months alone. They can now expect to earn an average of $73,000, but this wage can climb as high as $160,000 depending on their experience and skills.
Meanwhile boilermakers are making up to $73,000 while plumbers and carpenters have the capacity to earn past the $100,000 mark.
Both Adam Harris and Andrew Northcott agree wage growth in the mining and infrastructure sectors is set to continue. However, Adam Harris suggested this growth is also likely to flow on to other industries.
“I think some of the more interesting ones, and ones that people don’t suspect as much, are things like environmentally-related roles or community relation roles.
“I think as the world becomes greener, with the importance of upcoming projects, expansions and various things, the ability for a company to relate to the community, to provide an environmentally or green-friendly product and environment becomes increasingly important,” Mr Harris said.
Despite recent interest rate cuts, inflationary fears and global credit market concerns, Andrew Northcott said the Australian job market will continue to tighten.
“Engineering and those types of professions, I believe that we’re really in the design phase. There’s still a lot of activity with start up mines and civil construction and infrastructure works in cities, that we haven’t really seen the full impact of this on the work force as yet and this will drive wages up significantly,” he said.
It is estimated over two million jobs have been created over the past two decades. As the country approaches full employment, what effect has this recent hive of economic activity had on Australian wages?
According to Adam Harris from global recruitment consultancy, Robert Walters, Australian companies are now willing to pay unprecedented salaries to those workers most heavily in demand.
“I think the engineering field has increased distinctly, particularly in mining, and I think that’s in relation to the mining boom and the demand and pressures associated with that,” Adam says. “I think if you look at that market place it’s quite self-evident and it’s a supply and demand thing.
“Other fields, there’s a high demand for accountants, in particular commercial accounting, or the more traditional accounting type of roles.
“And interestingly IT has increased dramatically over the past couple of years.
“I think with a buoyant economy and growth, the difference between the demand for IT now and a few years ago, when it probably went through a little bit if a slump, has changed a lot and resurfaced as an increasingly in-demand skill.
“I think the biggest increase has certainly been in the mining industry and is reflective of the boom. And all the support things that go with that, so anything that supplies to the mining industry or supports the infrastructure that goes around it.
“Some of the mining engineers for example, who only come out with a few years growth (in experience), can certainly be earning in excess of $100,000 on site and some of them, distinctly more than that,” Mr Harris said.
According to employment website My Career’s salary centre, mining-related professions are now among the highest paid of any industry. Mining engineers are earning between $70,000 and $210,000 a year.
Geologists and exploration experts also have the capacity to earn up to up to $200,000 a year. Support services like environmental health and safety officers are by no means left behind, earning between $60,000 and $160,000 annually.
Infrastructure-related jobs are not far behind. A civil engineer can now expect to earn between $45,000 and $190,000 a year. Construction managers are also capitalising on the boom, earning between $45,000 and $225,000 while surveyors earn up to $180,000.
Wages are not just skyrocketing in the professional arena. Labour Solutions Australia managing director, Andrew Northcott said skilled tradespeople are also cashing in on the economic boom.
“Any industries that are servicing the mining industry … electricians would be number one. Three years ago they would have been low $20s (per hour), they’re now getting paid $36 an hour, truck drivers in mining regions are on six figure salaries. The construction sector in Brisbane, or in any major city, has certainly seen a major increase in all the trades,” Mr Northcott said.
In fact an electrician’s average salary has grown by over 11 per cent, or $7,000, over the past six months alone. They can now expect to earn an average of $73,000, but this wage can climb as high as $160,000 depending on their experience and skills.
Meanwhile boilermakers are making up to $73,000 while plumbers and carpenters have the capacity to earn past the $100,000 mark.
Both Adam Harris and Andrew Northcott agree wage growth in the mining and infrastructure sectors is set to continue. However, Adam Harris suggested this growth is also likely to flow on to other industries.
“I think some of the more interesting ones, and ones that people don’t suspect as much, are things like environmentally-related roles or community relation roles.
“I think as the world becomes greener, with the importance of upcoming projects, expansions and various things, the ability for a company to relate to the community, to provide an environmentally or green-friendly product and environment becomes increasingly important,” Mr Harris said.
Despite recent interest rate cuts, inflationary fears and global credit market concerns, Andrew Northcott said the Australian job market will continue to tighten.
“Engineering and those types of professions, I believe that we’re really in the design phase. There’s still a lot of activity with start up mines and civil construction and infrastructure works in cities, that we haven’t really seen the full impact of this on the work force as yet and this will drive wages up significantly,” he said.
