Labor's pledge to introduce a 'living wage' could make Australia's minimum income the highest in world
Labor's pledge to introduce a "living wage" could make Australia's minimum income the highest in world, an analysis of OECD data reveals.
Deloitte Access economist Chris Richardson said Australia was already near the top of the global minimum wage relative to median wages and unemployment benefits.He said Labor and the ACTU's proposals were not "a great idea, but not the world's worst idea either". If the Commission agreed to align the national minimum wage with the ACTU's two-year target of 60 per cent of median earnings, he said, "it would more than likely apply the same large increase to all award rates – including those that are already well above [the living wage target]".
The Australian Bureau of Statistics found this represented more than 7 per cent of all jobs worked in the economy, the highest rate recorded since this analysis began in 2010. Opposition Leader Bill Shorten defended his living wage push, saying: "The economy isn’t working in the interests of everyone".
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