Australia Raises Minimum Wage to Over $1,000 Per Week
The lowest wage rate in the modern award system will be $1,004.90 per week or $26.44 per hour.
TL;DR
- Australia's Fair Work Commission (FWC) has increased the minimum wage by 4.75 percent.
- The rise is intended to help offset increasing inflation.
- FWC President Adam Hatcher deemed a higher raise impractical due to economic conditions.
- The economy showed strength until February but faced constraints and high inflation later.
- The Reserve Bank's monetary policy tightening is expected to slow the economy.