Australia Raises Minimum Wage 3.75%, Aiding Inflation Fight
- Increase is less than the first-quarter WPI reading of 4.1%
- The decision directly affects about 20.7% of the labor force
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Australia’s industrial relations umpire raised the national minimum wage by 3.75%, aiding the Reserve Bank’s efforts to return inflation to the 2-3% target by next year.
The new minimum rate will be A$915.90 ($610) a week, or A$24.10 an hour, from July 1, Justice Adam Hatcher, president of the Fair Work Commission, said in Monday’s decision. That is well below last year’s 5.75% increase.