Inevitably, there will be winners and losers. But the Fair Work Commission made the right call by deciding to protect the most vulnerable workers from an excessive drop in the buying power of their wages | EDITORIAL
The Fair Work Commission has awarded a pay rise to Australia’s lowest-paid workers.The commission awarded a pay rise of 5.2 per cent to 180,000 of the lowest-paid workers, lifting their weekly wage to $812.60. About 3 million other workers whose wages are linked to the minimum wage via the awards system will receive rises of at least 4.6 per cent.
Prime Minister Anthony Albanese, who promised during the election campaign to lobby the commission for a big rise this year, says he is “delighted” with the decision. Usually, businesses argue that if they are forced to pay higher wages, they will have to cut staff and unemployment will rise. Yet the current state of the economy undercuts this classic argument against raising minimum wages, as unemployment has fallen to a historic low of 3.9 per cent and businesses are desperate to find staff.
The Reserve Bank of Australia, which has the job of bringing inflation back down, will be more likely to raise interest rates as a result of the commission’s decision.RBA governor Phil Lowe warned inflation could hit 7 per cent
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