Starting July 1, 2024, Australia’s national minimum wage will increase by 3.75%, bringing the new rate to $915.90 per week or $24.10 per hour.
The increase applies from the first full pay period starting on or after July 1, 2024. If your weekly pay period begins on Wednesday, the new rates will apply from Wednesday 3 July 2024.
The minimum wage workers in Australia will get a 3.75% pay rise over the next 12 months. Australia’s Fair Work Commission has announced a 3.75% increase to the National Minimum Wage and minimum award wages. Each year, the Fair Work Commission reviews both the National Minimum Wage and minimum pay rates under awards (Annual wage review).
Each year, the Fair Work Commission reviews both the national minimum wage and minimum pay rates under awards (annual wage review). Most changes begin on the first full pay period on or after July 1. This year, Australia’s government planned to increase the minimum wage in line with inflation to help low-income families cope with living costs.
The National Minimum Wage applies to employees not covered by an award or registered agreement. This is the minimum pay rate provided by the Fair Work Act 2009 and is reviewed each year.
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The Fair Work Commission (FWC) raised the minimum wage by 5.75% in July of last year in response to rising living expenses, a move that some had feared might accelerate inflation. Nonetheless, there is no indication of a detrimental wage-price spiral, and inflation has decreased from a peak of 8.4% to a two-year low of 3.4%. By June 2024, the Reserve Bank of Australia expects inflation to gradually decline to 3.3%.
The minimum wage refers to the amount of gross pay which is before tax is taken out.
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