SYDNEY — Australia will raise the minimum wage by 5.75 per cent from July 1 as families grapple with soaring living costs, a decision that businesses and some economists say risks further stoking inflation and interest rates. The independent Fair Work Commission (FWC) on Friday (June 2) decided on a 5.75 per cent pay rise for workers on awards with...
SYDNEY — Australia will raise the minimum wage by 5.75 per cent from July 1 as families grapple with soaring living costs, a decision that businesses and some economists say risks further stoking inflation and interest rates.
It also made a technical reclassification for the national minimum wage, which the union says will take the increase to 8.6 per cent for the lowest-paid employees, about 0.7 per cent of the workforce.Su-Lin Ong, chief economist at RBC Capital Markets, said the hike could push wage growth above the four per cent peak forecast by the Reserve Bank of Australia and require higher interest rates to combat inflation.
Aggregate wage growth — which accelerated to a decade-high of 3.7 per cent last quarter — has so far lagged forecasts, with RBA Governor Philip Lowe warning of upside risks to wages from weak productivity growth. Futures have already moved to wager the current cash rate of 3.85 per cent is certain to reach 4.1 per cent by August, with the risk of another hike.
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