Prime Minister Anthony Albanese praised the decision by the Fair Work Commission to award a $40-a-week increase to the minimum wage saying it was a cost of living lifeline.
“Many of those people who are on the minimum wage are the heroes of the pandemic. These workers deserve more than our thanks. They deserve a pay rise, and today they’ve got it,” he said in Gladstone, Queensland, on Wednesday., who said it risked creating a wage inflation spiral by adding to the costs of businesses already juggling energy costs, interest rate rises, and supply-chain disruptions.
Banks and economists expect the RBA to hike the cash rate by a further half a percentage point in June and raise it to more than 2 per cent by December in efforts to reel in inflation which isUBS group economists said the wage increase had “significant upside risk”, heightening the likelihood that inflation and wage expectations would rise and businesses would pass on costs.
“Even with today’s lift in award wages, real wages growth will remain deeply in negative territory over the course of this year and some of next year,” she said. A manager at Blackcat Fitzroy bar, Marlon Kilbey, 23, said he was rapt that his wage, currently about $21 an hour, would increase due to a rise in the award.Australian Chamber of Commerce and Industry chief executive Andrew McKellar said the increase represented a “very significant risk to the economy”.
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