Energy industry salaries: Australasia amongst the world's best paid
Australasian energy workers enjoy some of the highest salaries in the world, according to a recent report based on the survey of over 22,000 workers from 191 countries.
The Energy Outlook Report 2021 found that the mean wage for Australasian workers far exceeded worldwide averages across the oil and gas, mining and renewable energy sectors. Australasia also ranked as the highest paying region for both oil and gas and mining roles, and placed second for renewable energy wages, behind North America (based on averages).
In Australasia, the average oil and gas salary in 2020 was $123,416 – a whopping 60% above the global average. Similarly, Australasian mining professionals enjoyed an average salary of $100,897, which is 61% more than the global average. Average earnings for Australasia renewable energy staff came in 34% higher than the global average, at $98,136.
Despite the energy industry undergoing high levels of change, our report reveals that in 2020 around two fifths of all workers (41.4%) received a raise, indicating the health of the sector. On the other end of the scale, 16.8% of workers reported a decrease in earnings during this period, which is 10% increase on data captured in 2019. Given the economic impact of COVID-19 this change is not terribly surprising, and is likely to be a short-lived trend rather than the start of a wage decline. Looking forward, more than half of the respondents (52%) reported they anticipate salaries will rise again in the next 12 months, further highlighting the resilience of the sector.
Is it just about the money?
How much do financial incentives truly influence workers’ career choices? Not as much as you would think, according to the Energy Outlook Report. Respondents indicated that salary is not the driving factor behind current winds of change, as a mind boggling 73.2% of the workforce consider changing careers. Candidates are highly conscious of the whole package on offer when weighing up their career options. Beyond salary, workers are influenced by training opportunities, social and environmental considerations, and long-term career progression and security. Renewables is increasingly being seen as a secure direction to go, with more than a third (37.5%) of workers within the oil and gas sector considering making the transition. Despite substantial differences in financial compensation, the mood is clear: the majority of workers feel the need for change and more than a third of workers view a shift from conventional to renewable energy as a viable option.
*Please note: annual salaries quoted within the Energy Outlook Report appear in USD but have been converted to AUD in this article based upon on currency conversion rates current at the time of publication.
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