A new survey has found Australian university graduates are securing higher salaries and full-time employment at record levels.
The 2023 Graduate Outcomes Survey shows employment rates for university graduates in the first four to six months after graduation are at their highest level since 2016.
The new data highlights the benefits of attaining a university qualification and supports the Federal Government’s plans to increase the number of Australians getting a tertiary qualification.
According to the survey, the undergraduate employment rate reached 79 per cent, while the overall employment rate increased to 88.9 per cent in 2023.
Further, according to the survey data, the median salary in 2023 for:
- Undergraduates was $71,000 per year (an increase of 4.4 per cent from 2022)
- Postgraduate coursework graduates was $96,600 (increase of 5.5 per cent from 2022)
- Postgraduate research graduates was $100,000 (increase of 4.2 per cent from 2022)
The survey also shows higher full-time employment rates and median salaries for First Nations and regional graduates.
First Nations graduates had a full-time employment rate of 82.8 per cent and median salary of $75,000 while undergraduates from regional universities had a full-time employment rate of 83.7 per cent and a median salary of $71,400.
The Federal Government is also supporting Australians to get a tertiary education by making HECS-HELP fairer.
The Government is wiping around $3 billion in student debt for three million Australians – easing pressure on workers, apprentices, trainees and students across the country.
The Government will cap the HELP indexation rate to be the lower of either the Consumer Price Index (CPI) or the Wage Price Index (WPI) with effect from 1 June 2023.
The full results of the Graduate Outcomes Surveys can be found at qilt.edu.au.
Minister for Education Jason Clare said going to university opens up opportunities.
“In the years ahead, more and more jobs will require a university qualification. More people going to TAFE or university will help give us the skills and the economic firepower we need to make Australia everything it can be in the years ahead,” he said.
“These results show the value of higher education and the benefits that come from giving more Australian’s a crack at going to university.”
