Wages breakout - Sydney Financial Services

Been having a laugh at the quarterly wage price index the ABS and the RBA and the gubbmint put out - flat, zero, nothing etc. LMFAO.

There is a huge war for accounting and finance staff going on at the moment in Sydney. Wages are rising much much faster than house prices.

Ever since the Irish contingent went home, there’s a lack of supply of finance managers (the age 27-30 bracket) to fill that level in all the big corporates... banks, insurance, asset managers - accountants, FP&A, project staff, risk and compliance etc. No supply.

Grads are now demanding $100k salaries, and the ones with 1-2 years Post Qualification experience are asking for $120k+. It’s madness.

As someone hiring at the moment, we’re finding it really difficult to not only fill roles, but also keep staff as everyone leaves for salary jumps of $20-$30k. I’ve even seen my own wage go up 50% in the space of two years, as the increases at the lower levels filter upwards. Didn’t even have to ask for it!

Been both tragic and fun to see the laws of supply and demand in action without the “unlimited” supply of Irish backpackers overhanging the market.

I can’t imagine FS is the only sector impacted. Would expect other skilled industries like engineering are also impacted by the inability to fill vacancies with overseas temporary visa holders.

So my little view is that the Sydney market still has more to rise... all the extra income is gonna find a “home” somewhere...

 

Are you finding people are moving to Sydney from interstate to work?

 

Also.......I expect
Massive shortage of trades due to the building boom, Oz wide

 

We had one young guy move from Brisbane last year. Left his contract with us early and took a job elsewhere for a promotion and 20% salary increase. He had no regrets but we’ve got him on the do not hire again list now! Seems like people don’t even care anymore if they burn bridges.

The speed at which the jumps are occurring is what is alarming. Gone are the days when you’d have to wait 4-5 years to “do your time”...

 

We have noticed a massive increase in mechanic wages. $70k starting wage and experienced techs getting $100k + car, 5 weeks holiday and not working weekends.

 

I'm a financial analyst and haven't had a pay rise for almost 2 years! I still wouldn't move to Sydney unless I could earn at least double the amount because of the cost of living in Sydney e.g. house prices, rent etc. Obviously a lot of other people have the same mentality as me otherwise there wouldn't be a wages break out in Sydney.

 

If you are a renter, re think this. You can get some cracking apartments 20 mins walk from CBD for 600 pw. Surry Hills etc.

 

600pw in Adelaide gets me a mortgage for a 3 bedroom house within 10 minutes of the CBD.

 

Same large rises in Brisbane, especially in IT from my perspective.. and you don't have to live in Sydney to get it..

Maybe your little Brisbane brother moved back home to enjoy a 30% less cost of living for the same wage? Who is the smart one?

 

Curious, did he leave in a bad way, or you were just disappointed that he left?

Anecdotally, totally agree with the OP sentiment around the market being HOT.

NSW Government wages are also astronomical. Some graduates in certain departments are earning > $100k after 1-2 years. Putting huge pressure on the private sector as well with massive increases after pretty minimal real wage growth over the last 10 years.

 

Or maybe employers would start hiring -- oh horror -- mature workers instead of 27-30 years olds?

 

Ugly side to this...inflation, and flow on to interest rates.

 

We would love to hire mature workers! My best hire was someone in their 40’s and she’s still here 7 years later, out lasted them all and done a better job.

The bias comes from recruitment agents, who themselves are by and large part of that younger cohort... you have to insist on a wider talent pool than what they deliver you.

He asked for an increase, we said no, he said see ya... didn’t even see out notice period.

Most at least try not leave a team hanging like that.

 

Not these days. We are living in generation don't give a S*#@.

 

No rises for us. Pushing people to accept jobs with lower bands to either have a pay cut or ensure we won't give them salary increases next years. Not much attrition so far.

Frankly you can be made redundant on a whim, doesn't matter your personal circumstances. I can't blame people who leave like that, even when it's very annoying for the business - it's the nature of casualising work.

 

Real estate: Sydney crowned No. 1 city by PRD Affordable and Liveable Property Guide - realestate.com.au


Sydney may be Australia’s priciest city with a million-dollar median, but nonetheless it has just been crowned the most affordable capital for “liveability” according to a new property report.

 

Inflation . Did someone say increased rent

Cheers,
Oracle.

 

Yes our friends (Irish) both in finance, one a Finance Director the other a Risk Analyst, have both had large % pay increases since Covid.

However, I could not believe how average their Sydney salaries were, particularly given the atrocious work/life balance and hours they have to put in!

No wonder people want increases - Plumbers/ Sparkies working 7:30-3:30 earn more.

 

nah.... not buying this .... lol

 

Are they hiring immature workers for a decent salary? Wouldn’t mind a change in career path.