Australia’s Minimum Wage Climbs 3.5 Percent
(MENAFN) Australia's minimum wage is set to climb by 3.5 percent following the annual review conducted by the industrial relations tribunal.
The Fair Work Commission (FWC) revealed on Tuesday that starting July 1, the national minimum hourly wage will rise from 24.1 Australian dollars (15.6 U.S. dollars) to 24.95 AUD (16.1 USD). This translates to a weekly wage of 948 AUD (614 USD) for a full-time employee working 38 hours per week.
This adjustment, determined after discussions with government representatives, employers, and unions, is expected to impact over 2.6 million Australian workers, the FWC confirmed.
FWC president Adam Hartcher emphasized that the raise aims to go "some of the way" toward reversing the decline in the real value of the minimum wage since 2021, caused by inflation.
He stated, "We are concerned that if this opportunity is not taken in this annual wage review, a loss in the real value of wages which has occurred will become permanently embedded in the modern award system and the national minimum wage, and a reduction of living standards for the lowest paid in the community will thereby be entrenched."
Australia’s inflation rate for the year ending in April was recorded at 2.4 percent.
Prime Minister Anthony Albanese praised the decision, highlighting its importance for Australians struggling with rising living costs during a media briefing in Western Australia.
He remarked, "This decision today will be welcomed by people who keep our economy going."
Meanwhile, business sectors had pushed for a more modest minimum wage increase of 2 to 2.6 percent, citing rising operational expenses.
On the other side, the Australian Council of Trade Unions (ACTU), the main union body, advocated for a raise as high as 4.5 percent.
ACTU Secretary Sally McManus expressed optimism about the FWC’s ruling, saying the 3.5 percent boost would ease pressure on weekly budgets.
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