Australia's 1.86 million low-paid workers will see a $16 a week rise in their wages from 1 July 2015, according to the decision of the Fair Work Commission Minimum Wage Panel.
The 2.5 per cent pay rise, lifting the national minimum wage to $656.90 a week, or $17.29 an hour from $640.90 a week or $16.87 an hour based on a 38 hour week, will affect people on the minimum wage and award-rate workers across the nation.
The rise is lower than the 3 per cent increase last year.
Fair Work Commission president Justice Iain Ross said the most significant economic change since last year’s wage review was the reduction in inflation and aggregate wages growth.
“We have had particular regard to the lower growth in consumer prices and aggregate wages growth over the past year because they have a direct bearing on relative living standards and the needs of the low paid,” he said.
“The lower inflation and aggregate wages growth has favoured a more modest increase in minimum wages.”
According to him, the Panel has taken into account the proposed small business stimulus package and other measures announced in the 2015–16 Budget.
