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Time for a Pay Rise?

Average Weekly Earnings for September quarter were released yesterday. Average Ordinary Time Weekly Earnings(AWOTE) is $960pw and pushing the big $50K at $49,920pa. Readers of FinDem News will be aware of the federal government pulling a swiftie in 1997 with pension indexation in using 25% of MTAWE (which includes part-timers) rather than the traditional benchmark of 25% of AWOTE. MTAWE is ? (not published on the ABS website!) - watch this space and we will find out). Anyway, 25% of AWOTE is $12,480pa which is $241pa ahead of the September single person age pension.

But there is a bigger story form latest FinDem research. There has never been a better time for the valued foot soldier employee to negotiate a pay rise! Check out the new graph added in Miscellaneous Charts in Research Centre. At June 2004 the ratio of private sector job vacancies to total number of people unemployed was 20%! This is double the ratio of four years ago and the highest ever was 15% in 1989 after a big immigration and property boom. Why is this? Well the economy is still booming along thanks to excessive consumption financed by debt and there are lots of Aussies working overseas rather than here.

To help you on your way we have added a few Resources. There is a list of websites under Lists where you can check salaries for your occupation. We have also added 3 lists of top salaries in 2004; CEO's averaging $6,160,749, senior management averaging $2,219,280, and Politicians and Public Servants averaging $299,033. You might also like to plan a second stage strategy of what you do if the economy crashes (like it did in 1990) and your new higher salary is a prime cost cutting target!

Posted Friday, 19 November 2004


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