Australia's minimum wage has increased by 5.75 per cent, which is lower than the current rate of inflation of 7 per cent.
abc.net.au/news/minimum-wage-increased-by-5-75-per-cent-2023/102426044The minimum wage will be lifted by 5.75 per cent, which is below the current rate of headline inflation of 7 per cent.The Fair Work Commission said it was confident the increases would only make a "modest" contribution to wages growth in 2023-24 and "will not cause or contribute to any wage-price spiral."
"We acknowledge that this increase will not maintain the real value of modern award minimum wages, nor reverse the reduction in real value that has occurred over recent years," the commission said.The Albanese governmentthe idea of lifting the minimum wage to match inflation, so the real wages of Australia's low-paid workers didn't go backwards.
Headline inflation, as measured by the consumer price index , was running at 7 per cent in the March quarter.
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