Prime Minister Anthony Albanese told the cabinet that raising the minimum wage would be one of his first election priorities.
Labor will always represent improving people’s wages and conditions. And we know that part of the agenda to cope with the pressure of cost of living will not only reduce inflation—it is raising wages and maintaining strong employment.
“We think people with minimum wages should pay more.”
Prior to the election, Mr. Albanes urged the Fair Work Commission to raise the minimum wage to at least a minimum wage that matches inflation, at 2.4%.
“The Labour government once advocated the idea of lower than inflation that people with minimum wages should go backwards – this is not the party I belong to, not the party I lead.”
However, he added 5.1% growth in the last election to match inflation compared to previous elections, this time Mr Albanese refused to nominate a specific number.
“We recommend that the FWC should go further and provide Australian reward staff with economically sustainable real wage growth,” he said.
“The increase in minimum and reward wages should be linked to the continued return of inflation this year to the RBA’s target band, while providing further relief to low-income workers who continue to face life pressure.”
Millions of Australians may soon escalate after Prime Minister Anthony Albanese’s historic election victory
Albanese raises minimum wage to at least match inflation before the election – currently 2.4%
Australia’s national minimum wage is $24.10 per hour, 38 hours a week, and $47,626.80 per year. Temporary workers get 25% of the load and pay an hourly rate of about $30.13.
Temporary employees get an additional 25% load, bringing their hourly rates to about $30.13.
If the Fair Work Commission approves a 2.4% increase, the minimum wage will rise 58 cents an hour to $24.68, or an additional $21.98 per week.
The committee conducts annual wage reviews between March and June, and from July 1, any changes will usually take effect.
The rise in minimum wage will benefit the currently estimated 180,000 workers from the minimum wage, as well as 2.6 million workers in 121 awards, which will also be adjusted.
Australia’s national minimum wage has increased by 8.5% since Mr Albanes became Prime Minister in May 2022.
This includes 5.2% growth in July 2022 and 3.75 cm in July 2024
In a separate decision announced in March, the Albany government revealed that it would increase the reward rate for elderly care workers.
Reward salary for registered and registered nurses increased by an average of 12%. The addition will be divided into three periods: March 1, 2025, October 1, 2025 and August 1, 2026.
Mr Albanes also revealed that another policy of Majror would implement his plan to reduce all student loan debt by 20% and cut student debt to about $16 billion for about 3 million Australians.
This policy – the center of Mr. Albanese’s re-election campaign – will now be implemented after the election victory as of June this year.
According to government data, a graduate with an average student debt will reduce their loans by $5,520 under the program.
Mr Albanese’s proposed reforms will apply to all higher education loan programs, veterinary loans, Australian apprentice support loans and other student loans.
The reform will also raise the threshold for repayment from $54,000 to $67,000 and lower the repayment rate.
For those who earn $70,000, this means that they will reduce their repayments by about $1,300 per year.
