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Minimum Wage Will Increase To $24.10 Per Hour (Read 96 times)
whiteknight
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Minimum Wage Will Increase To $24.10 Per Hour
Jun 3rd, 2024 at 12:53pm
 
2.6 million minimum and award wage earners get July 1 pay boost   Smiley
The workplace umpire has handed down its annual pay verdict, increasing award and minimum wages by 3.75 per cent.


News.com.au
June 3, 2024

The pay packets of more than 2.6 million Australian workers will get a boost of at least $33.10 a week from July 1, the workplace umpire has ruled in its annual wage review.   Smiley

The order, handed down by the Fair Work Commission on Monday, will increase award wages by 3.75 per cent.

The national minimum wage will also rise by that amount, increasing by 87c to $24.10 an hour, or $915.91 a week.

Commission president Justice Adam Hartcher said the bench had chosen not deliver an increase that significantly outstripped inflation – currently at 3.6 per cent – and had taken into account the 0.5 per cent increase to the superannuation guarantee and forthcoming tax relief.

“The increase of 3.75 per cent which we have determined is broadly in line with forecast wages growth across the economy in 2024 … this increase is consistent with the forecast return of inflation rate to below 3 per cent in 2025,” Justice Hartcher said.


In submissions to the Commission, peak employee representative, the ACTU, had advocated for an increase of 5 per cent, while the Australian Chamber of Commerce and Industry had pushed for an increase of 2 per cent.

Mirroring its previous two interventions in the annual wage case, the Albanese government has submitted that Australia’s lowest paid workers “don’t go backwards”, in effect advocating for an increase of at least the rate of inflation.

Judo Bank chief economic adviser Warren Hogan said the outcome had balanced helping those on low incomes and not adding to inflationary pressures.

“This is a good outcome for Australia as it walks the fine balance between helping those with lower incomes and not adding to our inflation risks,” Mr Hogan said.


“Sure, labour costs are a real pressure point for business but that’s the reality of an economy with an excess demand for labour — this won’t change anytime soon.”

However, Mr Hogan warned that the decision would do little to change the Reserve Bank’s economic outlook.

“(It’s) still not at all clear that we will restore price stability to this economy with a 4.35 per cent cash rate,” he added.

Ahead of the decision, some economists had warned an increase in excess of 4 per could further complicate the RBA’s inflation fighting efforts.

In last year’s determination, the commission for the first time split the minimum and award pay rates, increasing the minimum wage to $23.23 an hour, up 8.6 per cent, while increasing award rates by a more modest 5.75 per cent.

The decision, which was the largest increase in more than a decade, fuelled concerns that it would stoke inflation, and hold interest rates higher for longer. Inflation has since fallen 2.4 percentage points in the nine months since the decision.

But AMP chief economist Shane Oliver said the wage determination had likely exacerbated price pressures, particularly in the labour intensive services sector.


“Last year’s decision … contributed around 0.7 percentage points to wages growth helping to push it above 4 per cent and is likely a contributor to sticky services inflation at present,” Dr Oliver said.

Pencilling in an increase of at or just below 4 per cent, Dr Oliver said this figure would be conducive to the RBA returning inflation back to its target band.

“A rise around 4 per cent would give workers a real wage rise, it’s not so high as to add to the risk of a wage price spiral, … and in line with the rough assessment that 4 per cent wages growth is consistent with 2 per cent to 3 per cent inflation.”

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aquascoot
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Re: Minimum Wage Will Increase To $24.10 Per Hour
Reply #1 - Jun 3rd, 2024 at 3:20pm
 
the problem with poor people is the fact they are poor shows they dont know how to manage money.

so giving them more of it is a wasteful strategy.

i would instead advocate giving them free courses in financial planning and free courses to educate them on "self improvement"

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Frank
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Re: Minimum Wage Will Increase To $24.10 Per Hour
Reply #2 - Jun 3rd, 2024 at 3:38pm
 
aquascoot wrote on Jun 3rd, 2024 at 3:20pm:
the problem with poor people is the fact they are poor shows they dont know how to manage money.

so giving them more of it is a wasteful strategy.

i would instead advocate giving them free courses in financial planning and free courses to educate them on "self improvement"




I would not be surprised at all if a direct inverse correlation was discovered between a per
tattoos and bank accounts: the more tattoos, the lower the bank balance Tongue Shocked
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Estragon: I can’t go on like this.
Vladimir: That’s what you think.
 
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aquascoot
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Re: Minimum Wage Will Increase To $24.10 Per Hour
Reply #3 - Jun 3rd, 2024 at 5:02pm
 
Frank wrote on Jun 3rd, 2024 at 3:38pm:
aquascoot wrote on Jun 3rd, 2024 at 3:20pm:
the problem with poor people is the fact they are poor shows they dont know how to manage money.

so giving them more of it is a wasteful strategy.

i would instead advocate giving them free courses in financial planning and free courses to educate them on "self improvement"




I would not be surprised at all if a direct inverse correlation was discovered between a per
tattoos and bank accounts: the more tattoos, the lower the bank balance Tongue Shocked



i'm all for spending seed capital on disadvantaged people but only AFTER they give up the victim narrative.

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