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The Australian Chamber of Commerce and Industry (ACCI) went postal at the Fair Work Commission’s (FWC) decision to grant a 5.75% pay rise to award workers.
“Today’s decision by the Fair Work Commission to increase award wages by 5.75 per cent and minimum wages by 8.6 per cent will slug small and family businesses, already encumbered by soaring costs, with a $12.6 billion wages bill”, the ACCI media release said.
“The Fair Work Commission has made a dangerous choice to chase after the supply-side inflation shock that we are experiencing. An arbitrary increase of this magnitude consigns Australia to high inflation, mounting interest rates and fewer jobs”.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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