Minimum wage hiked

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The Fair Work Commission has decided upon a 2.4% pay rise or $15.80 a week pay for the nation’s low-paid workers:

The prevailing economic circumstances provide an opportunity to improve the relative living standards of the low paid and to enable them to better meet their needs.

The level of increase we have decided upon will not lead to inflationary pressure and is highly unlikely to have any negative impact on employment. It will, however, mean a modest improvement in the real wages for those employees who are reliant on the national minimum wage and modern award minimum wages.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.