Fair Work Lifts Australia’s Minimum Wage 5.97% to A$1,004.90 a Week
Updated
Updated · ABC News · Jun 2
Fair Work Lifts Australia’s Minimum Wage 5.97% to A$1,004.90 a Week
11 articles · Updated · ABC News · Jun 2
Australia’s national minimum wage will rise to A$26.44 an hour, or A$1,004.90 a week, from July 1, while modern award wages for millions of workers increase 4.75%.
The Fair Work Commission said the move aims to stop award-reliant workers falling further behind in real terms, though it stopped short of fully closing the wage gap because of inflation and business risks.
About 20% of employees are paid award rates, but those wages make up only 11.2% of the national wage bill, limiting the direct economy-wide effect even as the decision exceeds inflation.
Economists at AMP and Capital Economics said the larger-than-expected increase could lift wage growth and sticky services inflation, strengthening the case for further Reserve Bank rate hikes.
As global conflicts fuel inflation, can Australia's wage hike truly shield its workers from rising costs?
Australia raises wages while Pakistan cuts taxes. Which strategy better protects citizens from inflation?