Kind of surprised it is more money AND more time off. I am an Australian in my mid 30s and most of my social circle is mid 30s through mid 40s. There is a bit of a trend to specifically request less money but more time off ie for a new job "that is a generous offer. I propose we reduce the salary by X dollars and increase my annual leave by Y days/weeks" or for an existing job "keep your raise, give me an extra week of annual leave instead."

Perhaps it is something related to this specific stage of life but lots of people have young children. Also, the appeal of their career has really worn thin after 10-15 years of full-time work.