MINIMUM WAGE INCREASE
- Australians earning minimum wage while working full-time will get an extra $33 per week from July
- The minimum wage will increase to $24.10 per hour, or $915.91 per week, based on a full-time 38 hour working week
- That translates to an annual salary of around $47,600
- Minimum award wages have also been lifted, meaning the pay increases will benefit around one in five workers – about 2.6 million people
- The minimum wage will increase by 3.75 per cent, consistent with the forecast return of inflation to below three per cent
- Unions wanted a five per cent increase, while business groups wanted between two and three per cent
- As wage rises can influence inflation, the FWC did not want to raise award wages “by an amount significantly above the inflation rate”, which was up 3.6 per cent in March
- Low-income earners will also benefit from tax-cuts in the 2024/25 budget that also come into effect in July
If this article has inspired you to think about your own unique situation and, more importantly, what you and your family are going through right now, please contact your advice professional.
This information does not take into account the objectives, financial situation or needs of any person. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation or needs.
(Feedsy Exclusive)
