Aussies are the world's top earners

Australians are set for another pay rise this year and this will ensure they are the highest earning people on the planet.

According to a new report published by global management consulting firm Hay Group, Aussies' wages will go up by four per cent over the next financial year.

This is higher than the three per cent hikes expected in the UK, New Zealand and US.

People employed in the mining sector can expect an even bigger boost to their earnings over the next 12 months, the Australian Salary Movement Index found.

However, report author Steven Paola said that although Aussies are earning ten per cent more than their US counterparts and a staggering 40 per cent more than UK workers, it is not all good news.

For starters, the cost of living in Australia is far higher than in most other parts of the world.

A recent study by Mercer showed that state capitals such as Sydney and Melbourne are among the least affordable cities in the world, with residents having to pay more for accommodation and everyday purchases such as food.

The Aussie dollar is also very strong at the moment, which has had an effect on people's wages down under.

Mr Paola commented: "The pay gap between the resources sector and the rest of the market has widened dramatically, mirroring the trends in the patchwork economy, which is currently seeing some sectors struggling while others enjoy boom times."

Many people with relatively low-paid jobs are finding it hard to keep their bank accounts in the black. Regions that have been at the centre of the mining boom are particularly interesting.

The huge demand for housing in these areas has pushed prices sky-high and residents who live here but do not hold high-paid jobs in the resources industry are really struggling to cope.

Therefore, a lot of Aussies may have little choice but to leave their hometown and move to a cheaper part of the country in order to lower their overall living costs.

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