The Wire

This morning a deal was made between the Fair Work Commission, in accordance with the Australian Council of Trade Unions and several Australian business groups, to increase the national minimum wage by 3.5%.

This means the 21% of Australia’s workforce who earn minimum wage with now earn about $24 an hour. Those who work full time will now earn an extra $32 a week.

This measure was taken to keep up with the inflation rate and the federal government hopes the increase will ease the cost of living pressures faced by Australians.

While it is a big win for employees, there are several implications for employers as well as Australia’s economy as a whole.