Great news for workers in Australia it was announced on the 3 June 2024 that the Fair Work Commission will be increasing its National Minimum Wage!
In a move aimed at addressing income inequality and cost-of-living pressures, the Fair Work Commission of Australia has announced a 3.75% increase in the national minimum wage. The minimum wage will rise to $24.10 per hour or $915.90 per week for a 38-hour work week.
As well as increasing the superannuation Guarantee rate by 0.5%, both of these increases are to be implemented on 1 July 2024.
This increase in wages is going to have an affect on taxpayers that are earning a minimum wage in sectors such as retail, hospitality and services. While the increase in superannuation will be for all income workers within Australia.
However, while this increase aligns with inflation and addressing the cost-of-living pressures some of the industry associates like Australians Retailers Association have expressed concerns on the potential impact this increase might have on small retail businesses.
They express concerns that wage increases without having the corresponding productivity improvements could lead to price increases, given the slowdown in discretionary spending and rising operating costs.
