The job market in Australia is very competitive, with the average salary for a senior executive in Sydney rising to $400,000, according to a report by recruitment consultancy firm Dimensional.
The report, which looked at job openings at more than 30 companies across Sydney and Melbourne, also found that the median wage in Sydney and Sydney-based Melbourne was $200,000.
The median wage for Sydney-area executive was $180,000 and for Melbourne-based executive was just over $100,000 while the median in Perth was $150,000 for senior executives and $150.50 for assistant executives.
It’s important to note that Dimensional has not conducted a survey of senior executives in Sydney, which has a population of just under 6.5 million people.
However, a recent Australian Bureau of Statistics report found that in the past year, the median Australian annual income had risen by more than 5 per cent to $51,927.
However, the report also found it was more expensive to live in Sydney than in Melbourne.
The cost of living is the largest driver of the salary differences between Sydney and the rest of Australia, the study found.
The median annual salary in Sydney was $110,000 but in Melbourne it was $115,000 as the cost of accommodation was about the same as it was in Sydney.
The survey also found a strong preference for Sydney over Melbourne for senior executive roles.
The highest preference was for Sydney at 45 per cent, followed by Melbourne at 34 per cent.
It also found Australians preferred Sydney over Perth for senior managers, but a strong majority preferred Sydney to Perth.
When asked if they thought they were getting a good pay rise, just over three-quarters of respondents said yes.
A third said they thought the salaries in Sydney would be higher than those in Perth and Brisbane, but this was a higher proportion of those who answered yes.
When asked how much they were expecting to pay for their new position, more than a third (34 per cent) of respondents thought they would be making less than the $400K salary in Melbourne and less than $400k in Sydney when they joined their company.
This survey also asked respondents about their future employer and found almost half of those surveyed expected to be looking for a job at a company with a lower salary.
This compares with just 14 per cent of respondents who said they were looking for higher pay at a higher salary.AAP/ABC