Analysis Finds University Graduates Over Age 30 in Australia Are Likely to Earn More Than Younger Graduates

Australia Oceania Higher Education News by Erudera News Nov 08, 2021

income

University graduate students continue to succeed in a challenging job market, seeing continuous growth of incomes during their careers and stability after the global financial crisis, according to an analysis by the Department of Education, Skills and Employment (DESE).

The analysis found that graduates who are over the age of 30 had more chances to earn more compared to younger graduates, Erudera.com reports.

The report pointed out that the average weekly income of higher education graduates during 2020 was $1,400 compared to $1,120 of vocational education and training graduates with a Certificate III/IV qualification.

“The income premium of higher education graduates over persons without post-school qualifications was substantially higher at 65 per cent, with median incomes for the latter group being $820,” the report reads.

It further found that the median income for Bachelor’s degree graduates in 2018 was $51,200, while the median income for postgraduate degree students was 32 percent higher, reaching $67,500. Differently, the median income for sub-Bachelor degree graduates dropped by 34 percent, at $33,800.

Universities Australia Chief Executive, Catriona Jackson, said that the findings have revealed the benefits of Australian university education in employment, in particular during uncertain times.

“From Australian Bureau of Statistics data, we already know university graduates experience better employment outcomes compared to non-graduates. This analysis further demonstrates how a university qualification proved to be an important safety net during periods of economic uncertainty,” Jackson stated.

According to the report, graduates who earned a Bachelor’s degree have seen a steady increase in their income over the decade since their graduation, with the average salary increasing by 88 percent during the period.

The DESE analysis also found that despite the change in economic conditions, university graduates were not likely at all to be unemployed compared to non-graduates during the economic downturn.

Jackson said that university graduates make an important contribution to the workforce in Australia.

Since 2019, there has been a higher demand for employees with a Bachelor’s degree or higher attainment compared to the demand for those whose highest education level was a vocational education and training qualification.

The recent survey on graduate outcomes completed by students four to six months after graduating has revealed that the full-time employment rates among students completing studies in Australia increased from 68.7 percent to 68.9 percent in 2021.

Following the 2021 Graduate Outcomes Survey, Jackson said that the results have revealed the importance of a graduate qualification, adding that despite the pandemic, students with a degree benefited in the competitive job market.

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