A historic pay rise for one in five Australian workers.

A historic pay rise for one in five Australian workers.

According to a Fair Work Commission (FWC) judgment, Australia’s minimum wage will rise by 8.6%, while award employees will receive a 5.75% pay rise.

The new federal minimum wage, based on a 38-hour workweek, will be $23.23 per hour and $882.80 per week. But there is a significant technicality associated with that rise in the minimum wage.

The FWC expressed confidence that the hourly pay increases will only have a “modest” impact on wage growth in 2023–2024 and “will not cause or contribute to any wage-price spiral.”

The panel stated, “We accept that this rise would neither preserve the actual worth of current award minimum wages nor undo the decline in real value that has happened over the recent years.

The increase in pay rates will start on or around July 1st, in the first full pay period.

A historic pay rise for one in five Australian workers.
A historic pay rise for one in five Australian workers.

However, business organizations said that the hike will affect employers, and many analysts now anticipate that the Reserve Bank would boost rates once more sooner. In an effort to control inflation, which was 7% in the March quarter, the RBA has boosted rates to an 11-year high of 3.85 percent during the last year.

At the Reserve Bank’s meeting on Tuesday, unions urged caution, warning that an increase in interest rates might reverse the recent gains made by low-paid employees.

The decision, according to Fair Work Commission President Adam Hatcher, will not have “discernable macroeconomic effects” but was taken in response to cost-of-living challenges experienced by Australia’s lowest-paid workers.

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