Minimum wage: Federal Government backs pay rise above inflation

[Pelican Press 0]

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Minimum wage: Federal Government backs pay rise above inflation

Treasurer Jim Chalmers wants the workplace umpire to boost wages for about 3 million workers at a rate above inflation.

The minimum wage and industrial award wages are independently set by the Fair Work Commission annually — but the Government has written calling for a “sustainable real wage increase”.

Yet the submission stops short of recommending a number.

“This will help around three million workers across the country, including cleaners, retail workers and early childhood educators,” Mr Chalmers said in a statement.

He said the minimum wage had increased by $143 a week since the Government came to office in 2022.

It comes after business lobby the *********** Chamber of Commerce and Industry called for a 2.5 per cent pay rise and warned that further increases must be “anchored to productivity growth”.

Retailers also backed a rise of 2.5 per cent, slightly above inflation.

In recent years, the commission moved to dramatically boost wages in the care economy, bankrolled by the Federal Government.

Wages lifted 3.4 per cent over the 12 months to March, according to the latest data from the *********** Bureau of Statistics. That was faster than the pace of inflation at 2.4 per cent.

Education, healthcare and social assistance were among the top performers in the quarter — and analysts slated those gains to government-backed pay deals for aged care and early childhood services.

Commonwealth Bank economist Gareth Aird said on Friday morning that wages and prices had evolved exactly as the Reserve Bank had expected.

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