none
none

MODEST MINIMUM WAGE INCREASE WARRANTED: INDUSTRY GROUP

02-04-2016
by 
in 

A modest wage increase of 1.6 percent, equating to about $10.50 a week or $12.25 a week at the base trade level is warranted, says the Australian Industry Group.

In its submission to this year’s Annual Wage Review, Australian Industry Group Chief Executive, Innes Willox, said when all the relevant factors are weighed up a modest wage increase is justified.

This is based on a number of factors, including:

·       The fact that economic growth remains patchy across sectors and across locations, with aggregate business incomes, profits and investment still underwhelming.

·       Australia’s lack of global competitiveness and very high minimum wage compared to other comparable countries.

·       The fact that Australian (and global) inflation rates have been exceedingly weak for some time. 

·       The fact that Australia’s wage price index (WPI) fell to its lowest annual growth rate on record in December 2015.

·       The fact that one in every seven members of the workforce (i.e. well in excess of two million people) are currently either unemployed or underemployed. 

“It is important that the Expert Panel not put the interests of those in secure jobs ahead of the needs of those searching for jobs, or for more work, Mr Willox said.

“The Panel needs to fully take into account the needs of those whose jobs will be threatened (including many low paid workers) if an excessive minimum wage increase is awarded.” 

Related news & editorials

  1. Aussie dollar weaker
    09.01.2018
    09.01.2018
    by      In
    Business confidence in the manufacturing sector is at its highest level since June 2003, according the latest Business Expectations Survey from illion (formerly Dun & Bradstreet).
    “Manufacturing firms that were able to withstand the global financial crisis and the Australian dollar above parity... Read More
  2. 08.01.2018
    08.01.2018
    by      In
    It was supposed to have been the year when Australian manufacturing industry would dig in and somehow or other recover from the setbacks of the closures at Toyota and Holden. But 2017 turned out to be a year of expansion, according to the final figures from the Ai Group’s Australian Performance of... Read More
  3. Export growth
    15.12.2017
    15.12.2017
    by      In
    This week’s Australian Chamber-Westpac Survey of Industrial Trends for the December Quarter contained further good news for manufacturing industry, with continuing solid output, backlogs and new orders. And employment numbers and overtime are both expanding.
    Westpac Senior Economist Andrew Hanlan... Read More
  4. Building infrastructure certification
    13.12.2017
    13.12.2017
    by      In
    Test and certification specialist Bureau Veritas has expanded its footprint in Australia with the acquisition of a 65% equity stake in McKenzie Group Consulting.
    McKenzie Group is based in Sydney with additional operations in Brisbane, Melbourne and Gold Coast. The company offers a range of... Read More