Earn
Unions call for minimum wage increase as Australians get back to work
The unions are calling for the minimum wage to be increased to help aid the economic recovery from the COVID-19 downturn, as the latest job figures show Australians are getting back to work.

Unions call for minimum wage increase as Australians get back to work
The unions are calling for the minimum wage to be increased to help aid the economic recovery from the COVID-19 downturn, as the latest job figures show Australians are getting back to work.

Stats released by the Australian Bureau of Statistics (ABS) showed that Australia’s unemployment rate has fallen to 5.6 from 5.8 per cent last month, with 71,000 people gaining employment.
Commonwealth Bank CEO Matt Comyn said CBA’s economics team is predicting further falls in the unemployment rate, with 5 per cent of Australians expected to be unemployed by the end of the year.
This is predicted to continue to fall to 4.7 per cent over 2022.
According to the head of CBA, there is significant cause for optimism.
“The recovery in the labour market is, in one word, miraculous,” Mr Comyn said.
However, the ACTU highlighted that the strong wage growth figures stand in stark contrast to the record-low wage growth rate, with the union stating Australia needs to lift the minimum wage.
The ACTU is arguing for a 3.5 per cent increase to the minimum wage and awards, which would provide a pay rise for a quarter of all working people and drive huge amounts of money into small businesses around the country through spending.
“The key missing element of the recovery is wages growth. It is now time for a pay rise so working people also benefit from the recovery and are able to drive spending and consumer confidence,” ACTU secretary Sally McManus said.
“We can’t afford a recovery which drives up profits but does nothing for working people or small business.”
The economic data shows that this wage increase is affordable and would share the benefits of the recovery with working people. Profits were up 8.9 per cent in 2020, while wage growth continued at the record lows we have seen for the last eight years.
“Big business is profiteering while working people struggle to make ends meet. We need to ensure that everyone is part of the recovery,” Ms McManus concluded.
About the author

About the author


Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to pres...Read more

Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for s...Read more

Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. ...Read more

Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. ...Read more

Salary
Show me the money: I deserve a COVID recognition payment, and so do you
Staff are currently in high demand. But they’re also mostly overworked, overtired, underplayed and underpaid. ...Read more

Salary
Is Australia headed for the ‘Great Resignation’?
A wave of resignations from Australian workers is expected in the next six months. ...Read more

Salary
Earnings surge in lockdown, but is a slump ahead?
A new report from CBA has shown that it may actually pay to be in lockdown, as growth in household income surged ahead in NSW and Victoria. ...Read more

Salary
RBA sets sights on 4% unemployment
The RBA has updated its key objectives in order to jolt the Australian economy into growth, including a two-decade low unemployment rate of 4 per cent. ...Read more

Wrapping up an eventful 2021
Listen now

What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now

Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now

Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now

Salary
Employers scrambling to prevent workplace brain drain
As workplace managers face a swiftly evolving employment market that’s increasingly favouring the demands of white-collar employees and jobseekers, bosses are falling under mounting pressure to pres...Read more

Salary
Unions back Albanese’s pledge to close gender pay gap
An electoral promise from Labor to make gender pay equity an objective of the Fair Work Act has been hailed as a “watershed moment” from industry peak bodies who have traditionally advocated for s...Read more

Salary
Coles asked to disprove $115m in alleged wage theft
One of Australia’s biggest supermarkets faces allegations that it underpaid more than 7,500 employees a total of $115 million. ...Read more

Salary
Gen Z left behind in progress to gender equality
Women under 25 may emerge from the pandemic in a worse financial position than when it began, new research has shown. ...Read more

Salary
Show me the money: I deserve a COVID recognition payment, and so do you
Staff are currently in high demand. But they’re also mostly overworked, overtired, underplayed and underpaid. ...Read more

Salary
Is Australia headed for the ‘Great Resignation’?
A wave of resignations from Australian workers is expected in the next six months. ...Read more

Salary
Earnings surge in lockdown, but is a slump ahead?
A new report from CBA has shown that it may actually pay to be in lockdown, as growth in household income surged ahead in NSW and Victoria. ...Read more

Salary
RBA sets sights on 4% unemployment
The RBA has updated its key objectives in order to jolt the Australian economy into growth, including a two-decade low unemployment rate of 4 per cent. ...Read more