The ACTU has submitted a revised minimum wage claim to the Fair Work Commission (FWC) in response to the spike in the inflation rate to 5.1%. The peak union body is now seeking a minimum wage rise of 5.5 %, or $42 per week, up from its initial claim in late March for a 5% increase when inflation had been forecast to peak at 4.25% in mid-2022.
Australian Industry Group CEO Innes Willox says the revised wage claim increases the risk that inflation will become entrenched and interest rates will rise further. Australian Chamber of Commerce & Industry Andrew McKellar also says an unsustainable rise in wages would threaten the viability of many small businesses.
From The AFR:
