Minimum wage increased: it’s official
Fair Work Australia raised the minimum wage by $26 a week, aiming to cushion the living condition of working families.
Independent panels lifted the national Minimum Wage to $569.90 per week, which works out to 1.2 per cent hike since 2008.
The decision from specialist Minimum Wages Panel also increases classification and adult minimum wages in modern awards by $26 per week, or $0.69 per hour.
Additional wages will be deposited to workers accounts in the first pay period after July 1.
Deputy Prime Minister and Minister for Employment, Julia Gillard welcomes the considered and fair decision.
“The increase of around $6 a week over inflation will no doubt be welcomed by those who are paying their mortgage or rents, and buying the family groceries,” Ms Gillard said.
More than 1.45 million Australians will benefit from the awards setting their pay, giving them a fairer share of profits from Australia’s economic recovery.
The panel’s official statement says:
“Our review of economic conditions indicates that since March 2008 the Australian economy has performed much better than expected. During that time, productivity, prices and real earnings have grown but minimum wages have not. There is a strong case for a rise in minimum wages to provide a fair and relevant safety net, protect the relative living standards of award-reliant employees and assist the low paid to meet their needs.
The forecasts for 2010–11 give strong grounds to conclude that such an increase could be awarded without threatening business viability, employment growth or adding to inflation. We have concluded that a significant increase in minimum wages is warranted.”
