The mining boom in Western Australia has enabled Perth to leap above its eastern state rivals as the home of the highest base salaries for credit analysis in Australia.
A survey by recruitment firm Robert Walters shows that the salary range for credit risk analysts in Perth with less than two years' experience is now AU$55k to AU$80k, leapfrogging the traditional leader Sydney (AU$55k to AU$65k) and the other eastern seaboard capitals.
"The boom continued in Western Australia in 2006," says Robert Parnell, CEO Asia Pacific for Robert Walters. And despite signs of a cooling in commodity prices, and an overheated property market, Parnell says demand for talent across all banking and finance disciplines has not abated and will continue to rise. "Demand for credit analysts remains strong and is expected to continue in 2007," he says.
Perth also leads the other cities for credit analysis salaries in the three to five-year (AU$70k to AU$100k) and five years-plus (AU$100k to AU$140k) experience bands. Its lead over Melbourne is now so profound that its bottom-range salaries match the top-range salary in the country's second biggest city.
"Sydney, Perth, and Brisbane are showing signs of acceleration but it is not being felt in Melbourne," says Parnell, who blames the lack of international investment banks in the city for its low salary growth.
Parnell says bonus payments as a percentage of salary do not differ greatly from city to city.