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Indebta > Investing > Australia’s Low Paid Get 5.75% Pay Rise to Help Offset Inflation
Investing

Australia’s Low Paid Get 5.75% Pay Rise to Help Offset Inflation

News Room
Last updated: 2023/06/02 at 7:12 PM
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By James Glynn


SYDNEY–Australia’s Fair Work Commission has awarded low-paid workers a 5.75% wage rise, and said that the decision won’t fuel a wage-price spiral.

The increase, which will go to around 25% of workers, is smaller than the 7% rise many economists had expected.

The cautious increase will help ease concerns at the Reserve Bank of Australia that inflation could remain higher for longer if there’s a broad surge in wages growth across the economy.

“We have had regard to the need to avoid entrenching high inflation expectations by taking a perceived wage indexation approach and also the recent weak performance in productivity growth,” the FWC said.

“We are confident that the increase we had determined will make only a modest contribution to total wages growth in 2023-24, and will consequently not contribute to any wage-price spiral,” the FWC added.

Still, the FWC said the increase was needed to help low-paid workers recover income that would otherwise be lost to inflation, which rose by an annual rate of 7% in the first quarter.

“Inflation is reducing the real value of these employees’ incomes and causing households financial stress,” the FWC said.


Write to James Glynn at james.glynn@wsj.com


Read the full article here

News Room June 2, 2023 June 2, 2023
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