![]() They were also viewing an increase as all but certain come August. ![]() The Reserve Bank will assess the impact of the wages decision when its board meets to decide on interest rates next Tuesday.īefore Friday’s announcement, investors were betting there was only about a one-in-five chance of another 25 basis point rate hike in the cash rate to 4.1%. “All the different inflation pressures that are out there, some international, some caused by long-term neglect in our supply chains, that some people want to just argue somehow it is the workers’ fault and particularly those who are reliant on the award system and the minimum wage,” he said.Įmployment minister Tony Burke. “There is still a series of loopholes of undercut wages and we are intending to deal with that in the second half of this year,” he said.īurke said it was “dreadful” some would interpret the wage increase as elevating the risk of higher interest rates. The employment minister, Tony Burke, welcomed the commission’s decision as “the best decision for workers we’ve ever had”. For the March quarter of this year, wages rose at an annual rate of 3.7%, well shy of the 7% annual rise in consumer prices. Workers’ salaries have been falling in real terms in recent years as pay increases have failed to keep up with inflation. But that rise made up less than 10% of the total wages growth and had not contributed to a wage-price spiral, Hatcher said. Last year’s 5.2% minimum wage increase had affected about one in four workers whose wages made up 11% of the national total. “We are confident that the increase we have determined will make a modest contribution to total wages growth in 2023-24,” Adam Hatcher, the Fair Work Commission president, said.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |