Workers need a $7000 pay rise to keep up with cost of living, analysis finds

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Workers need a $7000 pay packet boost to keep up with the soaring cost of living.

Canstar analysis shows the average worker earning $92,030 would need a $7178 increase in annual income to keep pace with inflation, which rose 7.8 per cent annually in the December quarter.

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Inflation surged 1.9 per cent over the three months, the latest national figures released this week revealed.

Wages have been lifting solidly but falling well short of fast-rising inflation, amounting to record declines in real wages.

In the September quarter, the wage price index lifted 3.1 per cent annually and one per cent quarterly.

Canstar money expert Effie Zahos said switching jobs could attract a higher wage.

“Applications per job ad picked up in November through to December by 10.4 per cent according to SEEK, which indicates Australians are looking at making a career move in 2023,” she said.

Analysis shows a worker earning $92,030 needs a $7178 increase to keep up with inflation. Credit: Diego Fedele/AAP

The higher-than-expected inflation figures also likely locked in a ninth interest rate rise, which will flow through to mortgage holders in higher repayments.

RateCity analysis showed another 25 basis point cash rate rise will add another $76 to monthly repayments on a $500,000 loan, amounting to $908 more compared to May last year before rates started lifting.

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