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Business Calling For Minimum Wage Rise Below Inflation, Unions Above

AUSTRALIA

The Fair Work Commission will hear submissions on minimum and award wages and announce its decision likely by early June. Treasurer Chalmers has said that he would like to see the increase match inflation. In July 2023, the minimum wage rose 8.65% and award wages 5.75%.

  • Quarterly CPI is the benchmark, which was 4.1% in Q4, and Q1 is released on April 24.
  • The Australian Chamber of Commerce and Industry is proposing a 2% increase, given the significant rises of the last two years and weak demand & productivity growth.
  • The unions however are proposing a 5% rise, according to The Australian.
  • NAB economist Oster expects a 3.5% rise, consistent with RBA target assuming productivity improvements.
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