The total value of wage and salary paid to individuals has increased from $53.2 billion in 2002 to $189.9 billion in 2024. Between 2023 and 2024 the total value of wages and salaries paid to individuals has increased by $14.5 billion (8.2%), following on from an 8.9% increase in the previous year. In 2024, the increase in total wage and salary income reflects moderate growth in employment (+2.7%) and moderate growth in the average wage and salary (+5.4%). In 2023, the growth reflected both moderate growth in the average wage and salary (+4.2%) and employment (+4.5%).
The graph above shows the general increase in wage and salary income because of an increasing number of wage and salary earners as well as increases in average wages and salaries over time. The effect of annual wage and salary increases can be seen in this graph as a rightwards movement of the curve over time, with the peak of the total wages and salaries increasing from $35,000 in 2002, $48,000 in 2012, and $61,000 in 2022 to $70,000 in 2024. This indicates a greater number of individuals across higher wage and salary income bands.