Reported 4 months ago
Australia's independent wage-setting body has increased the national minimum wage by 3.75%, bringing it to A$24.10 per hour starting July 1. This adjustment will provide about 2.6 million employees with an extra A$33 per week, aiming to help families cope with rising living costs. The Fair Work Commission noted that low-income workers are particularly affected by cost-of-living pressures, leading to this wage hike in line with inflation. The decision was made considering that labor productivity has not significantly improved over the past four years, despite lower inflation rates compared to the previous year. Australian consumer price inflation reached 3.6% annually in April, raising concerns about potential interest rate hikes in the future.
Source: YAHOO