Friday, June 14, 2024

Australia raises the minimum wage


A homeless person’s belongings lie in front of the Reserve Bank of Australia’s offices in Sydney. The minimum wage is being raised in the country to help those who are hit hard by increased living costs. Photo: Rick Rycroft / AP / NTB

Of NTB | 03.06.2024 06:33:16

Economy and business: The minimum wage will thus be 24.1 Australian dollars an hour, NOK 168, from 1 July. This means that a fifth of the Australian workforce, around 2.6 million people, will receive an extra 33 Australian dollars a week.

In its annual review, the Fair Work Commission, which sets the minimum wage, writes that the increased cost of living hits those who earn the least, the hardest, even though price growth is far lower now than at the same time last year.

However, the report states that it is “not appropriate now to increase wage rates by any amount significantly above the rate of inflation, primarily because productivity is no higher than it was four years ago”.

The increase in the consumer price index in April was 3.6 per cent from the same month last year, the highest in five months.

(© NTB)


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