The Australia Fair Work Commission has raised the minimum wage to $915.90 per week, effective July 1, 2024.
The adjustment, which follows a 3.75% increase in the National Minimum Wage, aims to increase the compensation for both local workers and international work visa applicants.
Fair remuneration in Australia
The annual wage review is to ensure equitable pay for Australia’s lowest-paid workers, setting a new weekly minimum of $915.90. Starting from the first full pay period on or after July 1, 2024, these updated rates apply universally. This establishes a baseline pay rate under the Fair Work Act 2009.
Impact on employers
For employers, meeting or exceeding these wage standards increases their chances of attracting skilled overseas workers. This adjustment is particularly beneficial for occupations covered by Modern Awards, which dictate industry-specific minimum pay rates and conditions. Ensuring compliance with these updated wage requirements is essential for employers using Australia’s visa sponsorship. Stricter checks during visa processing will ensure adherence to Australian labour laws, ensuring fair employment practices.
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Workers’ perspective
Primarily benefiting workers in sectors like retail, hospitality, cleaning, and social care, this increase demonstrates the Fair Work Commission’s commitment to addressing cost-of-living challenges while reducing the pressures of inflation.
Annually reviewing minimum wage rates considers various economic factors, including inflation and living costs.
Economic context
In July 2023, a 5.75% increase preceded concerns about inflation, which has since moderated to a two-year low of 3.4%. As inflation trends downward, the Reserve Bank of Australia expects further stabilisation in the near term.
Australia’s upward adjustment in minimum wage benefits both domestic workers and international job seekers. By elevating the minimum wage standards, Australia makes the nation a place to be for skilled professionals, thereby bringing about a robust strong labour market and economic stability.
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