Australia’s Minimum Wage to Rise by 3.75% from 1 July 2024
Roughly a quarter of Australian workers on minimum wage will see a 3.75% pay rise following a new decision by the Fair Work Commission (FWC). This increase lifts the national minimum wage from $23.23 to $24.10 per hour, or from $882.80 to $915.90 per week.
The FWC stated that the increase, effective from 1 July 2024, considered factors such as economic conditions and efforts to reduce the gender pay gap. They acknowledged the rising cost of living but noted that productivity has not significantly improved in the past four years, making it inappropriate to raise wages above inflation levels.
The Australian Council of Trade Unions had sought a 5% increase but welcomed any raise above 3.6%, calling it necessary to help workers keep up with the cost of living.
In contrast, small business owners expressed concern, saying such an increase would place a heavy burden on their operations. Combined with the upcoming superannuation rate rise in July, many small businesses may struggle to survive under rising wage pressures.
