Market update: Product Manager demand and salaries in Australia 2022

Product Managers salaries in Australia

Demand for Product Managers in Australia is steadily rising, with national employment rates set to increase by 10.3% in the next five years. 

The average annual salary for Product Manager jobs in Australia ranges from $120,000 to $140,000. Industries offering the highest average salaries for Product Managers include:

• Insurance and superannuation
• Information and communication technology
• Banking and financial services

Junior Product Manager salary

Entry-level Product Manager positions start at around the $115,000 mark, but be mindful that this is an overall national average. Starting salaries can differ greatly depending on the industry, any transferable skills you bring to the table from previous positions and the quality of your training.

Once you’ve been in the game for a while you can expect a mid-career Product Manager salary average of approximately $137,000 per year.

Senior Product Manager salary

The most experienced Product Managers attract salaries in the ballpark of $170,000 per year, but again this will be dictated by the hiring industry and prior experience of the candidate.

Can you be a freelance Product Manager?

It’s possible to freelance with many speciality skill-sets in today’s working world, and Product Management is no exception. In order to land contracts with companies as a freelance Product Manager, having a solid employment history with a range of examples of your work is paramount, as is knowing a network of contacts who are willing to refer you for any work opportunities. 

While freelancing as a Product Manager is entirely possible, it isn’t likely to be the first stage of your Product Management career. It’s recommended that you work in-house for at least a few companies to begin with. Doing so will provide you with much needed experience and also assist you in discovering which industries you might prefer working in.

How much can freelance product managers make?

As a freelance Product Manager, you can set your rates by hour, day or project. In terms of what to charge, you need to factor in all of the outgoings that your standard in-house salary would cover, including sick leave, superannuation, and additional training costs. 

Day rates for freelance Product Managers could range from $500 per day to anything north of $1000. It really will depend on the industry, project, allocated budget and how well aligned your experience is to the project requirements.

Freelance rate calculators can be a helpful tool to guide your rate, along with researching what others in the field are charging. It pays to do your research. You will also have an idea from your time working in-house of what different companies have paid for contractors, which can help shape your expectations.