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Why salary hikes could be in the works for young accountants

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Why salary hikes could be in the works for young accountants

A host of fresh data released this week suggests accountants could be in a position to receive - or demand - a payrise in the coming months. 

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Career Reporter 08 May 2019
— 1 minute read

Earlier this week, the governor of the Reserve Bank projected wages will rise in Australia, albeit slowly. He also said Australia can expect its labour market to strengthen, and jobs growth to continue.

“The Australian labour market remains strong. There has been a significant increase in employment, the vacancy rate remains high and there are reports of skills shortages in some areas,” said governor Phillip Lowe.

Prime Minister Scott Morrison is also bullish on the labour market for Australian workers, particularly young people.

“The best day you have at work is the day you employ a young person and see them succeed,” he said in an address to the NSW Business Chamber.

A nationwide salary survey, conducted by recruitment firm Robert Half, also suggested accountants are in the driver’s seat when it comes to negotiating salary in 2019.

Compared to the rest of the Australian jobs market, where wages growth is relatively flat at the moment, accounting professionals are recording above-trend growth in salary packages, the survey found.

Tech savvy accountants are particularly attractive to employers, as are those with experience in big four accounting firms.

Accountants should also be aware of the growth in construction and infrastructure, and the need for finance managers with commercial experience as these sectors expand, especially on the east coast.

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Why salary hikes could be in the works for young accountants
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