The total value of wage and salary paid to individuals has increased from $49.9 billion in 2001 to $175.4b in 2023. Between 2022 and 2023 the total value of wage and salary paid to individuals has increased by $14.3b (8.9%), following on from an 8.9% increase in the previous year. In 2023, the increase in total wage and salary income reflects moderate growth in employment (+4.5%) and moderate growth in the average wage and salary (+4.2%). In 2022, the growth reflected stronger growth in the average wage and salary (+7.1%) and weaker growth in employment (+1.7%).
The graph above shows the general increase in wage and salary income because of an increasing number of wage and salary earners as well as increases in average wage and salary over time. The effect of annual wage and salary increases can be seen in this graph as a rightwards movement of the curve over time, with the peak of the total wages and salaries increasing from $35,000 in 2002, $48,000 in 2012, and $61,000 in 2022 to $70,000 in 2023. This indicates a greater number of individuals across higher wage and salary income bands.