KONTAN.CO.ID - SYDNEY. Australia's industrial relations umpire on Thursday raised the national minimum wage by 3% from July 1, a smaller pay rise than the 3.5% increase enjoyed by workers last year, reflecting a weakening economy and cooling inflation. The pay hike, which is above the industry rate of 2.3%, will, however, be welcomed by the Reserve Bank of Australia (RBA), which believes annual wage increases of 3% and higher are needed to achieve average inflation of 2.5%, the mid-point of its target band. The new national minimum wage will now be A$740.80 ($512.86) per week, a weekly increase of A$21.60 while the hourly rate will climb to A$19.49, said Justice Iain Ross, president of the Fair Work Commission (FWC).
Australia's minimum wage rises slowly as growth, inflation cool
KONTAN.CO.ID - SYDNEY. Australia's industrial relations umpire on Thursday raised the national minimum wage by 3% from July 1, a smaller pay rise than the 3.5% increase enjoyed by workers last year, reflecting a weakening economy and cooling inflation. The pay hike, which is above the industry rate of 2.3%, will, however, be welcomed by the Reserve Bank of Australia (RBA), which believes annual wage increases of 3% and higher are needed to achieve average inflation of 2.5%, the mid-point of its target band. The new national minimum wage will now be A$740.80 ($512.86) per week, a weekly increase of A$21.60 while the hourly rate will climb to A$19.49, said Justice Iain Ross, president of the Fair Work Commission (FWC).