2023 Annual Wage Review
Did you know that the ACTU have made their submission to the Fair Work Commission for this year's Annual Wage Review and are recommending a 7% increase to the National Minimum Wage and Award minimum wages as at 1 July 2023 (in line with inflation)?
The Australian Industry Group have suggested that it is too soon to outline a recommended quantum of increase, while the economy is still in such a turbulent state and with the Federal Budget to be handed down on 9 May 2023; in which we are awaiting feedback on what the Government may be doing to support low-income households (e.g. electricity bill relief), as this would transfer away some of the responsibility from businesses to bolster the incomes of its employees.
Master Grocers Australia have suggested a 3.5% increase to the Awards that cover their industry.
The team at MTPI believe it will end up between 5-5.5% - somewhere in the middle between the employer and employee associations' recommendations.
So as you are preparing your budgets for the next financial year, where do you think it will land? Put your best guess in the comments (and reasons, if you have them and/or want to state them).
Based on the current timetable, we can expect the decision from the FWC no later than 9 June 2023.