Australia minimum wage raised as families grapple with higher inflation

Move to produce an extra A$33 weekly benefit for a fifth of the Australian workforce or about 2.6m employeesSYDNEY – Australia's independent wage-setting body on Monday raised the national minimum wage by 3.75 per cent, largely in line with inflation, as families tackle soaring living costs.

But the report said it was not "appropriate at this time to increase award wages by any amount significantly above the inflation rate principally because labour productivity is no higher than it was four years ago." CoreLogic Research Director Tim Lawless said low supply had kept Australian housing prices largely insulated from the combined effect of high interest rates, cost of living pressures and deeply pessimistic consumer sentiment."Fresh listings are being absorbed rapidly by market demand, keeping stock levels low and upwards pressure on prices."

Australian Consumer Price Inflation Australian Home Prices Affordable Housing Major Economies Australian Workforce

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