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2024 Minimum Wage Rise In Line With RBA’s 2024 CPI Forecasts

AUSTRALIA

The Fair Work Commission has decided to increase the minimum wage 3.75% from July 1, 2pp lower than in 2023 but above the Q1 CPI at 3.6% and in line with the RBA’s CPI forecast for Q2 and Q4 2024. It is also lower than Q1 WPI at 4.1%. It will impact around 2.6mn workers. The decision is unlikely to alter the RBA’s stance and we continue to expect a prolonged hold.

  • Concerns that this could be the new benchmark for wage increases generally are unlikely, in contrast to last year’s 5.75%.
  • Unions were hoping the increase would be at least 4% and employers a maximum of 2.8%. The FWC has deferred the ACTU’s application for a 4% increase for female-dominated sectors.
  • The FWC said that it took into account upcoming tax cuts and increased superannuation contributions in its decision. They will also take place on July 1.
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