In Australia, the average wage has hit a record high of six figures. While people used to think that a six-figure salary was a sign of success in the corporate world, it may not be so for everyone.
Sarah Megginson, a personal finance expert for Finder, said that many Australians are struggling with the rising costs of living.
Some of these include high fuel prices, record rent prices, and interest rates.
According to Megginson, there has been no area of the budget that has been quarantined from the rising prices.
She noted that even if one lived in a different region, the person would have been better-off three years ago earning around $90,000, which is now $100,000.
According to the ABS, the average annual wage in May was around $2,214.70 for men, and it was $1,878 for women.
The figures show that the earning $100,000 is no longer what it used to be.
The Bureau of Statistics also revealed that women earned more as public servants than they did as private sector workers.
Some of the industries that were able to pull in the biggest earnings were mining, which was at $3,015.30.
Other industries that were able to earn a lot of money included financial services, telecommunications, and information media.
Based on the various available wages, the average salary in Australia is computed by the ABS.
Since there are certain individuals in the country who make a lot of money, this may push the official number higher.
On the other hand, the median wage, which is the midpoint of the data, is a more accurate reflection of the country’s salaries.
The ABS released data earlier this year that revealed that the median annual income in Australia is around $67,600.
The figures show that the average weekly income for men is $1,509, while that for women is $1,130.