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Businesses warn boost to minimum wage will ‘add to inflation fire’

Article image for Businesses warn boost to minimum wage will ‘add to inflation fire’

The Fair Work Commission has announced a 5.2 per cent increase to the minimum wage, exceeding the 5.1 per cent level of inflation.

The rise will add $40 a week to the pay packet of Aussies on low incomes.

For covid-affected industries like tourism, hospitality and aviation – the increase will be delayed until October.

The decision has businesses and industry bodies concerned as interest rates and cost of living continue to rise.

Australian Industry Group Chief Executive Innes Willox told Deborah Knight “This is a significant increase, higher than business would like”.

“It will make businesses have to make hard decisions about who they employ… and whether they are able to retain all the staff they have?

“This will just add to the inflation fire and the concern is that this will make the pain longer, before we can get the economy back on track,” he said.

Prime Minister Anthony Albanese has welcomed the wage boost after calling for a rise in line with inflation.

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Image: Getty

Deborah Knight
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