04/06/2014
Announced yesterday, and effective July 1 2014, the national minimum wage will increase by 3% (or $0.50 per hour) to $640.90 per week ($16.87 per hour). The percentage increase falls short of the Australian Council of Trade Unions application to raise the minimum wage by 3.9%, yet far exceeds the Australian Chamber of Commerce and Industry application to keep the increase to just 1.25%. Fair Work Commission President Iain Ross said the rise was intended to reduce inequality in Australian earnings, and that relatively low aggregate wages provided scope for increasing the minimum wage without inflationary consequences. The Fair Work Commission should release the updated modern award versions to reflect the wage increase by the end of June 2014.