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According to Professor Asha Rao, while many individuals don’t consider their data “important” enough to feel vulnerable to cyber security threats, it’s precisely that attitude that is preyed upon by cyber criminals.

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The associate dean of mathematical sciences at RMIT University joins host Grace Ormsby on this episode of The nestegg Podcast to discuss the recent cyber attacks affecting the Australian government, the importance of remaining vigilant around cyber security, and the common scams that people should be wary of.

Professor Rao explains how automated technology makes cyber crime more profitable, why the pandemic has increased our exposure risk to such threats, and what to do if you think you’ve compromised your cyber security.

Thanks Professor Rao, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Fair Work rules on minimum wage increase: Here’s what it means for you

By Cameron Micallef

June 22 2020
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Fair Work rules on minimum wage increase: Here’s what it means for you

By Cameron Micallef
June 22 2020

Australia’s lowest paid workers will get a $13 a week pay bump following the Fair Work Commission’s latest announcement of the minimum award for workers.

Fair Work rules on minimum wage increase: Here’s what it means for you

By Cameron Micallef

June 22 2020
Share

Australia’s lowest paid workers will get a $13 a week pay bump following the Fair Work Commission’s latest announcement of the minimum award for workers.

Australia’s national minimum wage has increased to by 1.75 per cent, with workers now earning a minimum $19.84 an hour or $750 per week.

The pay rise will apply for human services and frontline workers from 1 July; construction and manufacturing workers from 1 November; and arts, retail and hospitality, tourism and aviation sector workers from 1 February 2021.

The decision will impact 2.2 million working Australians.

The recent increase falls short of the 3 per cent increase to the minimum wage last year, and the 4 per cent increase to the ACTU, while the Australian Chamber of Commerce was proposing no increase to minimum wages.

In a recorded message, a commission spokesperson spoke to the fall in the national economy, as Australia enters what is likely to be its first technical recession in almost three decades.

“The shock to the labour market has been unprecedented. The unemployment rate has increased, the number of hours work has fallen and there has been a substantial increase in underemployment,” he said.

The moderate increase in the minimum wage and the delayed rollout for several awards has been described as “disappointing” by ACTU secretary Sally McManus.

“It is clear in the decision that this panel of experts recognise that cutting wages in the middle of this crisis would be a disaster for working people and the economy, and they have rejected the arguments put by some employers to effectively cut wages by freezing the minimum wage,” she said.

“Many of the workers who will benefit directly from this decision are the essential workers who have been getting us through the pandemic. They deserve to have their wages protected.”

Ms McManus also highlighted that 60 per cent of Australia’s gross domestic product is made up of consumer spending, and increasing the minimum wage will likely help the national economy.

“The most important thing the country needs is people with money to spend and the confidence to spend it. This is how the hospitality, retail and tourism industries will get back on their feet.”

“Just about every cent a worker on minimum wages receives, they spend. This is money circulating to local businesses. It is the fastest and most effective form of stimulus we can have,” she concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.