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Business NSW Reports on Increased Minimum Wage

Business New South Wales has released an announcement with the detail of changes to the National Minimum Wage. Their statement is reproduced below:

2 June, 2023.

The Fair Work Commission has today increased the National Minimum Wage by 8.65%.

 The modern award rates increased 5.75% across all industries.

 It will take effect on the commencement of the first full pay period following 1 July 2023.

 The increase represents the highest increase in minimum wages in more than 30 years and is naturally influenced by the unique inflationary environment currently facing businesses and workers.

 Business NSW and Australian Business Industrial urged the Commission to implement a more moderate increase of 3.5% for the 2023 year, however, the Commission ultimately landed on the higher figure that will now be applied.

Business NSW CEO Daniel Hunter estimates today’s ruling equates to around a $4.6 billion increase in annual costs to NSW businesses.

 “This large wage increase comes at a time when a growing proportion of businesses (about one in four employers) have indicated to us that they will shed staff in the next three months,” Mr Hunter said.

 “Businesses are already tackling interest rate hikes, inflation, labour supply problems, energy price spikes, insurance cost spirals and other pressures.”

 New Federal Minimum Wage

 The National Minimum Wage has been increased from $21.38 per hour to $23.23, an increase of 8.65%. Casual award/agreement free employees are also covered by a default casual loading which remains at 25%.


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