Industry, unions react to minimum wage increase

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Unions have welcomed the minimum wage increase, saying it will 'make a significant difference' to low paid workers but industry groups have labelled the rise 'a very significant risk' to the economy.

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But Ms McManus said it was disappointing the increases were delayed until October for those working in hospitality, aviation and tourism sectors. The Australian Chamber of Commerce and Industry CEO Andrew McKellar described the 5.2 per cent lift as a"very significant risk" to the economy, arguing businesses will have to bear a"very significant burden".

"It comes at a time when inflation is emerging as one of the most urgent challenges facing the Australian economy and if we are to address that, if we are to remain competitive, then, clearly, this is not a decision that will help in those circumstances." "That's halfway through this pay increase. We're always mindful of that problem which is why we were asking for a 5.5 per cent increase and we thought that was very reasonable," Ms McManus said.

 

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How is people with extra buying power a risk to the economy. It will strengthen the economy

Inflation inflation. Rate rises. Rate rises. And the cycle will go on whilst we have greedy unions. A Backward Future awaits Australia CostOfLivingCrisis

Every time the minimum wage is increased we hear the same moaning, bitching and doomsayering from the various business lobbies... and every time life continues on as usual... The truth of the matter is that the biggest whingers aren't the small businesses...

Shocking risk to the economy when minimum wage workers get a cost of living pay rise. No risk to the economy when businesses don’t pay taxes and management and CEOs give themselves obscene pay rises. We see you.

A wage increase that keeps you abreast with inflation is not really wage increase. It just maintains the value of your wage and nothing more.

If Industry groups say the rise is 'a very significant risk' to the economy, then they aren't doing a very good job. Looks like they did not check this chart published by the Fair Work Commission which compares minimum wage increases and consumer price index increases.

I doubt this will be the start of an inflationary cycle, so y'all are good for now.

The Australian government must embrace some challenges and make some adjustments during this coming recession “cut spending” The Australian Chamber of Commerce and Industry CEO Andrew McKellar described the 5.2 per cent lift as a 'very significant risk' to the economy.

Unless you also see an increase in production, this will probably make inflation worse. Why? Because you have more dollars chasing the same number of goods.

The United States could learn something here.

Meanwhile the cost of said groceries will go up. They don't see the forest for the trees 🙄

Significant difference? .. no it won't. It's been sucked away by rising inflation. There no win at all. That's the illusion here, now the government can say, they did something, and hoping to be credited for it. Is that a glimpse of: 'Brighter future & strong economy '?

If AUSTRALIA can afford to PAY politicians $250K pa +ALLOWANCES Then AUSTRALIA can AFFORD to PAY increase to match inflation caused by Greedy BANKS & Corporates who are GOUGING the economy Why bother working if the Income doesnt Buy Somewhere to Live? Its Just ADULT DAY CARE then

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