Unions will push for a record 7 per cent minimum wage rise for 2.6 million workers this year, despite warnings it could stoke inflation.
Unions will push for a record 7 per cent increase in award wages for 2.6 million workers right up the pay scale, despite business warning that inflation-linked increases will add to prices growth and keep interest rates up.
, according to Bureau of Statistics figures on Wednesday, but remains well above the Reserve Bank’s target of 2 per cent to 3 per cent.Australian Industry Group chief executive Innes Willox said the slowdown in inflation was cause for a pause on wages. The union submission kicks off the annual wage review for this year, with hearings likely in May and a decision expected mid-June.in the minimum wage for 184,000 workers, and an increase of 4.6 per cent, up to $40 a week, for 2.5 million on industry awards.this year – up from 5.5 per cent – on the grounds that business has posted strong profits and last year’s minimum wage rise had no discernable impact on inflation.
Prime Minister Anthony Albanese says the government’s minimum wage submission will be “consistent with our values”.Last year’s submission, lodged soon after Mr Albanese won the election, argued the 184,000 workers on minimum wage should not go backwards, drawing a distinction with higher award rates.
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