Melbourne Wages and Industries Growth
Tuesday January 27, 2009
Melbourne's overall wages declined over the past twelve month according to the Melbourne Institute's Wages Report. Growth in total Pay and wages fell to 4.0 per cent, a loss of 0.9 per cent since August 2008. The survey concluded that Victorian workers expect slightly modest growth in their wages over the next twelve months.
Victoria, in particular Melbourne, is home to some of Australia's strongest industries, reflecting strong jobs and wages potential for jobs seekers. Victoria's state economy retains excellent industry growth with a strong and diversified range of industry options.
The Victorian economy is larger than those of New Zealand and Ireland combined, and represents 25 per cent of the national economy while Melbourne itself has an economy of the same size as other capital cities.
This strong growth and potential provides a strong foundation for jobs and means that Melbourne employees earn some of the highest wages in the country. There are several industries in particular that are performing well in Melbourne and across Victoria in terms of potential development, jobs and wages.
Building and Construction
Victoria's building and construction industry is a major driver of the state's economy. In 2006/07 building activity in Victoria was valued at around $AUD16.7 billion.
Financial Services and Funds Management
Victoria is home to approximately one third of all national financial and insurance activity. Victoria's and Melbourne's financial services and funds management industry was estimated at around A$20 billion in June 2007.
Education
While strong national wide, being one of Australia's largest cities, Melbourne provides excellent education jobs opportunities with quality wages. The education sector is also cited as being a significant source of jobs and current economic growth and key to the state's future economic competitiveness on the national and international stage.
Automotive
Victoria's automotive jobs industry is currently responsible for almost 60 per cent of Australia's automotive turnover, including significant exports.
Engineering
In Australia, the engineering jobs industry employs 260,901 people, with 69,740 jobs in Victoria. There are huge opportunities for jobs in Victoria in the engineering sector with the industry ranging from manufacturing to mining, construction to consultancies.
Food
Victoria is renowned for its culture and the food industry plays a critical role in that image. Jobs and wages within the food industry in Victoria are some of the best in the country with a particular focus on grain and horticultural processing and dairy.
Jobs within the food industry have opened up in recent years with an expansion into the research and development sector and innovative technology to improve food and processing quality.
Biotechnology
Biotechnology holds a strong foundation in Victoria with many regarding Melbourne as Australia's science and biotechnology centre. Almost half of all Australian biotechnology activity, and many scientific jobs, are available in Victoria.
Information and Communication Technology (ICT)
Jobs within the Information and Communication Technology industry have string wages and potential as the industry is viewed as an important contributor to the economic performance and wealth of the State and is embedded in a culture of innovation.