Australia increases minimum wage by 3%

Omkar Godbole FXStreet Contributor

Australia’s national minimum wage will rise by 3% to A$740.80 a week from 1 July, the Fair Work Commission announced on Thursday.

Unions had been calling for a 6 per cent rise while industry groups were expecting a modest increase of up to 2%.

The decision to lift minimum wage by 3% will lift real wages (inflation-adjusted), possibly leading to higher consumer spending.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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