Pay boost for millions of Australians arrives tomorrow
Share this @internewscast.com
Starting tomorrow, millions of Australians will notice an increase in their paychecks as a result of the Fair Work Commission’s decision to raise the national minimum wage.

In early June, the commission decided that the national minimum wage, along with modern award minimum wages, should be raised by 3.5 percent.

About three million people are estimated to stand to benefit from the increase from July 1.

About three million people are estimated to stand to benefit from the increase from July 1.(Getty Images/iStockphoto)

Currently, the national minimum wage stands at $24.10 per hour or $915.90 per week. With the 3.5 percent increase, this will rise to $24.94 per hour, translating to just over $30 more each week.

Fair Work Commission president Justice Adam Hatcher highlighted, “Our primary consideration in this decision is the fact that since July 2021, employees who depend on modern award minimum wages or the national minimum wage have experienced a decline in the real value of their wages.”

Hatcher said that this had been due to the major spike in inflation which had begun in 2021.

“The result has been that living standards for employees dependent on modern award wages have been squeezed and the low paid have experienced greater difficulty in meeting their everyday needs,” he said.

However, with the Reserve Bank of Australia deeming inflation to be “sustainably” within the target rate of between 2 and 3 per cent, Hatcher said, it was appropriate to boost minimum wage payments above inflation.

The Australian Bureau of Statistics reported in March that inflation was at 2.4 per cent, unchanged from the previous quarter.

The five qualifications in hot demand for Australia’s future jobs

Australian Council of Trade Unions secretary Sally McManus praised the decision, despite the ACTU backing a larger 4.5 per cent increase.

“This decision delivers a 1.1 per cent real wage increase, one of the largest real wage increases the Fair Work Commission has awarded,” McManus said.

“This wage increase means those who are paid award wages will start to get ahead again, easing pressure on their weekly budgets and part of the stress that comes from having to cut back on the basics.”

CreditorWatch chief economist Ivan Colhoun warned that the increase could “put a floor” under inflation.

“I’m not opposed to the increase – I see some real wage catch-up as another important part of rebalancing the economy, though I’m not as convinced by the commission’s argument that this inflationary episode is now behind us,” he said.

“Living costs and business costs remain very elevated and have been a very large part of the pressures on many businesses in this cycle. The rise makes it more important that businesses pursue productivity improvements.”

Share this @internewscast.com
You May Also Like
Former Greens candidate Hannah Thomas to fight NSW Police in court over events at pro-Palestine protest

Emergency Situation Announced Following Former Greens Candidate’s Injury in Protest Confrontation

NSW Police have declared a critical incident following the injury of former…
police generic

Melbourne Childcare Employee Faces Charges for Over 70 Child Sex Offenses

Health officials plan to conduct tests for infectious diseases on 1,200 young…

Israel Acknowledges Impact on Civilians at Gaza Aid Sites, Commits to ‘Learning Lessons’

Key Points Israel admits civilians were harmed at Gaza aid sites and…
Chinese ambassador to Australia, Xiao Qian, addresses the media, at the Chinese embassy in Canberra on Tuesday 26 November 2024.

China Warns Australia of a ‘Cold War’ Scenario Amid Increased Defense Budget

The Chinese ambassador to Australia has criticized NATO’s recent increase in defence…

Australia’s Renowned Superannuation System Leaves Some Feeling Left Behind

Is super fairly providing for all Australians in retirement? With legislative changes…
Illegal dumping at a clothing donation bin.

Illegal Dumping Puts Clothing Donation Bins in One State at Risk

Private waste companies in Victoria are facing financial challenges due to residents…
The victim alleges his future was robbed by the abuse he allegedly endured at 10 years old.

Ex-Private School Pupil to Bring Landmark Sexual Abuse Case to Court

A former student from a prestigious boys’ school in Melbourne has initiated…

Melbourne Homeowner Discovers Intricate Model Train Setup Under Home

Key Points After finalising the purchase of a home in Melbourne’s northern…
Lottery ticket lottery winner Australia

Lottery Winners Share How They Spent Their Winnings

Many Australian lottery winners aren’t splurging their cash on big-ticket items like…
Newtown crash leaves five injured

Man Accused Following High-Speed Crash in Sydney that Injured Family

Security footage has captured a high-speed crash which injured a family of…
Stranded dolphin rescued from shallow water on NSW coast

Dolphin Rescued from Shallow Water on NSW Coast

A bottlenose dolphin has been rescued by the team from Sea World…

“Bob Vylan Stands by Glastonbury Performance Amid Police Investigation”

Key Points Police are investigating performances at Glastonbury for chants against Israel…