CANBERRA, Jun 3 (NNN-AAP) – Australia’s minimum wage will rise by 3.75 percent from the start of July, industrial relations tribunal, the Fair Work Commission (FWC), ruled today.
From July 1, the minimum wage will increase from 23.23 Australian dollars (15.47 U.S. dollars) per hour to 24.10 Australian dollars (16.05 U.S. dollars) per hour, or 915.90 Australian dollars (609.99 U.S. dollars) per week, based on a 38-hour week, FWC said.
According to the commission, 20.7 percent of the Australian workforce, or approximately 2.6 million people, are paid minimum wage rates.
After accounting for flow-on effects, the FWC estimates that, the increase to the minimum wage will affect a quarter of all Australian employees.
“The increase of 3.75 percent, which we have determined, is broadly in line with forecast wages growth across the economy in 2024, and will make only a modest contribution to the total amount of wages growth in 2024,” it said in its decision.
It said that, the major considerations in determining the increase were living standards, higher living costs and workforce participation.
The commission said, it did not believe it was appropriate to increase the minimum wage by any amount significantly above the inflation rate.
Inflation rose by 3.6 percent in the 12 months to Apr, the Australian Bureau of Statistics said in May. According to Treasury forecasts, inflation is set to fall below three percent by the end of 2024.- NNN-AAP
