How much Aussies your age are earning
If you feel like you have flatlined when it comes to your salary, or your peers are earning more, don't lose hope.
According to the Australian Bureau of Statistics, average weekly total earnings peak when you are aged between 45 and 54.
The most recent Survey of Employee Earnings and Hours to be published by the bureau states this age group took home $1544.20 in average weekly total cash earnings.
Unsurprisingly, employees aged 20 years and under pocketed far less, averaging $383.70.
Out of 10 million employees across all age groups in May 2018, with an average age of 39.8 years, Australians were taking home $1288.70 each week.
Workspace broking service Instant Offices has analysed the ABS data and provided tips "to help speed up the process" of salary growth.
It encouraged Australians to know how much their skills are worth and compare their salary with the industry average.
"Be mindful of your achievements and contributions at work, and use them to motivate a salary increase," Instant Offices said.
"Take the initiative to do some training or study online courses, to learn more about your industry and role.
"If you keep improving your worth, learning from good mentors and studying further, you can improve your salary and overall success at every stage throughout your career."
It has highlighted six factors that it believes play a "significant role in determining how much you should be earning at your age".
These are education from a "reputable institution" to improve earning potential, experience, choice of industry, company size and culture, gender, age and location.
The gender divide is noted in the ABS data, with male employees averaging weekly total cash earnings of $1525.40 compared to $1053.30 for women.
RELATED: 106 jobseekers for every vacant job
A report from the Productivity Commission in July this year found young Australians' incomes are shrinking but income increases for those over 35 had not slowed.
It found parents, in an attempt to soften the blow, were transferring more money than ever to their children, who were living out of home, while many young people chose to continue living at home for longer to save money.
"Young people have experienced a 'lost decade' of income growth. This means they entered the COVID-19 crisis already on lower wages and usually with limited savings," commissioner Catherine de Fontenay said.
Ms de Fontenay said the new research showed income increases had not slowed for those over 35, who were in many cases already in work before firms, reeling from the global financial crisis, began to offer lower wages and more part time roles to new employees, creating a large divide in income.
"It turns out that the 'low wage growth' story is essentially a story about people under 35," she said.
"If we look at average wage growth for those over 35, it hasn't slowed."
Australia's official unemployment figure for the month of September rose to 6.9 per cent.
Prime Minister Scott Morrison on Tuesday announced the coronavirus payment for JobSeeker recipients had been extended from December 31 until the end of March.
The payment will be reduced from $250 per fortnight to $150, meaning singles without any children can receive up to $715.70 every two weeks from January 1 onwards.
AVERAGE WEEKLY TOTAL CASH EARNINGS BY AGE
• 20 years and under: $383.70
• 21 to 34 years: $1127.60
• 35 to 44 years: $1503.70
• 45 to 54 years: $1373.40
• 55 years and over: $1373.40
• All ages: $1288.70
- with NCA NewsWire
Originally published as How much Aussies your age are earning