The minimum wage panel delivered a two-tiered wage rise for the first time in more than a decade to control inflation, which could be a guide to future wage decisions.
The Fair Work Commission’s minimum wage increase of 5.2 per cent is the biggest increase in 16 years.
It’s a particular Labor approach, one even proposed by the Albanese government, and likely to be the guide to future wage decisions if inflation remains an issue and fears of wage-price spiral become reality.The increase is more than double last year’s increase and the highest since 2010 when a 4.8 per cent pay rise was already making up for a wage freeze during the global financial crisis.Some economists have even upped their overall wage growth forecasts to 3.
The commission itself stopped the practice in 2011 due to concerns it was reducing the relative pay gap between award classifications, with implications for skills and work value claims. The departure will also have implications for the hundreds of thousands of workers on enterprise agreements that tie their wage rises to the annual wage decision.
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