Australia's minimum wage to increase by 3.75% in 2024

Company News

by Glenn Dyer

Australia’s lowest-paid workers will receive an inflation-matching pay rise of 3.75% this year, down from 5.75% last year. The rise equates to $33.10 a week after the Fair Work Commission's decision was announced on Monday.

About 180,000 people will see their hourly rate increase from $23.23 to $24.10 from July 1, as a result of the decision, taking the minimum weekly pay packet to $915.80.

Fair Work Commission President Adam Hatcher said that in reaching this year’s decision, he considered relative living standards, the needs of the low-paid, workforce participation, performance and competitiveness of the economy, and gender equality.

“Our decision today is to increase the national minimum wage and all modern award minimum wage rates by 3.75 per cent effective from 1 July 2024,” he said. The decision will flow through to the pay packets of up to 2.9 million Australians whose wages are set by industry awards.

More than 14 million people are currently in the labor market, so around 11 million people will not be immediately impacted.

Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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