'High Inflation Shock' 30% of Australian Workers Say They Need to Earn Over 280 Million Won

Australia's Inflation Rate Nears 7.8% in 2022
Labor Government's Approval Rating Falls Amid Prolonged High Prices

Panoramic view of Sydney Opera House, Australia. Photo by Pexels

A significant number of Australian workers feel financially secure only when earning more than AUD 200,000 (approximately KRW 284.74 million) annually, according to a survey.

On the 15th (local time), the British Daily Mail cited a survey by the job site Indeed, reporting that single Australians need to earn AUD 126,278 (approximately KRW 177.92 million) to meet their financial needs. This amount is considerably higher than the average annual salary of Australians, which is AUD 78,567 (approximately KRW 112 million).

However, this differs from the results of a survey conducted by the UK market research firm YouGov. In a survey of 1,041 workers, about 30% of Australians believed they needed to earn more than AUD 200,000 to feel financially stable. This is also about twice the average full-time salary in Australia, which is AUD 102,742 (approximately KRW 146.46 million).

Callum Pickering, an Asia-Pacific economist at Indeed, stated, "With the federal election next month, voters' biggest concern is that wages are not keeping pace with the rising cost of living." He added, "For Australians heading to the polls, wages and living costs are the top issues. Regardless of the election outcome, these issues will remain the foremost topic of national discussion long after we have voted."

Meanwhile, with the unemployment rate still low at 4.1%, employers argue that they need to offer benefits beyond appropriate wages to attract and retain staff. Pickering noted, "The cost-of-living crisis has changed what workers expect from employers and policymakers. While wage increases are important, policies that reduce everyday expenses such as transportation and childcare costs are also crucial."

On the other hand, the incumbent Prime Minister Albanese and the Labor government, elected in the May 2022 general election, are facing low approval ratings due to severe inflation and soaring housing prices. In 2022, the first year in office, Australia's annual consumer price inflation surged to 7.8%, prompting the Reserve Bank of Australia (RBA) to raise interest rates 12 times, pushing the benchmark rate up to 4.35%.

Due to the high-interest-rate policy and other factors, inflation dropped to 2.4% last year, and the RBA cut interest rates for the first time in over four years last month, lowering the benchmark rate to 4.1%. However, with food and energy prices still soaring, many households continue to face financial difficulties, and housing prices have risen sharply due to inflation and increased immigration.