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26 June 2024

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Australia’s National Minimum Wage Increases by 3.75%

On June 03, 2024, the Fair Work Commission (FWC) handed down its annual wage review that increases the Australia’s Minimum Wage for employees by 3.75% which is equivalent to $24.10 per hour. The said increase in the minimum wage has taken effect last July 01, 2024.

Significantly, this adjustment will bring positive impact to the workforce across various sectors in Australia. According to Su Lin Ong, the chief economist at the RBC Capital Markets the hike could push wage growth above the 4% peak forecast by the Reserve Bank of Australia and require higher interest rates to combat inflation. Hence, the determination made by the FWC would affect wages for more than 2 million workers.

It is a generally accepted principle that the primary purpose of minimum wage is to provide workers with a level of income that allows them to meet their essential needs. It acts as a safeguard against extremely low wages and helps reduce poverty and income inequality within a society. By setting a minimum wage, governments aim to promote decent working conditions and provide a degree of economic security for workers.

In a deeper sense, the minimum wage increase has benefits for both the companies and employees as it can improve the relationship between them as a result of higher wages. Increasing employee morale could easily translate into more tangible benefits, such as increased employee retention for the company and reduced hiring and training costs. Hence, employees who are more inclined to stay with a company longer could benefit from greater advancement and an overall reduction in job-related relocation expenses.

Truthfully, a boost to economic growth is another advantage of increasing the minimum wage, as consumer spending typically increases along with wages. A higher minimum wage would put more discretionary money in the pockets of millions of workers; money that would then flow to retailers and other businesses.

In summary, this move from the FWC and the Australian Government is an essential part of economic engagement in Australia not just for the local workers and employees, but for the international students who have the working rights because it can help them sustain their needs while fulfilling their scholastic dreams and aspirations.   

This is absolutely a great chance for you to jumpstart your Australian dream. If you wish to know more about how you can explore various academic and professional opportunities in the Land Down Under, please do not hesitate to shoot us a message through our social media handles:

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