Miners receive huge boost to savings accounts, survey shows
Australians who work in the mining sector could see their savings accounts starting to look healthier thanks to the current industry boom.
A new study conducted by Mercer has indicated while the average wage grew by four per cent across Australia in the past year, miners saw their pay increase by six per cent.
This was almost double the 3.1 per cent hike that retail workers were awarded during the 12-month period.
Mercer principal Anthony Shippard said while the demand for skilled mine workers was growing fast, many retail outlets have been blighted by reduced spending by cautious Aussies, hence the differential in pay rates.
"Cashed-up resources organisations are paying a premium to attract and retain in-demand skills," he remarked.
According to RP Data figures, the mining boom has led to a huge rise in house prices in remote parts of the country where excavation takes place, with some properties demanding the same amount of rent as a plush pad overlooking Sydney Harbour, the Courier reported.
Have a question about savings accounts? Ask the money gurus at Mozo Answers.