Publish Date: 22/06/2024
Australia's minimum and award wages are poised to rise by 3.75% following a ruling by the Fair Work Commission. Effective July 1, the national minimum wage will increase to $24.10 per hour or $915.91 per week based on a 38-hour work week.
The decision, affecting approximately 2.6 million workers—about 20.7% of the national workforce—represents an approximate $33 per week increase from current levels.
According to the Fair Work Commission, the adjustment aligns with projected economic wage growth for 2024 and is expected to have a minimal impact on broader economic conditions.
The Commission emphasized that the raise is crucial to addressing cost-of-living pressures faced by modern award-reliant employees, particularly those in low-income households.
The decision underscores ongoing efforts to maintain living standards amidst fluctuating economic conditions, with inflation anticipated to stabilize below 3% by 2025.
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