In wake of surging consumer inflation and energy prices, Australia’s government is proposing to raise minimum wages in a bid to ease the financial burden on households.
Australia’s left-leaning Labour government is advocating for raising the current minimum wage of $14.77, sending an application to the Fair Work Commission, the country’s independent wage setting body. The recently sworn-in Prime Minister Anthony Albanese is proposing raising the minimum wage from the current $14.77 per hour by 5.1% in wake of inflation that is rising twice as fast as consumer’s income levels.
“Workers on the minimum wage deserve a pay rise,” Albanese said on Twitter. “Rising costs are putting real pressure on family budgets. And these costs are harder to meet because of a decade of deliberate decisions by the previous government to keep wages low.” Latest data shows that Australia’s economic output rose by 0.8% in March, surpassing forecasts and giving way to further rate hikes from Australia’s central bank.
Information for this briefing was found via Twitter and the Australian Bureau of Statistics. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.