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.
RELATED ARTICLES
About the author
About the author
Salary
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more
Salary
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data. Read more
Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more
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 ...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 ...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
Despite losing top spot, Elon Musk rakes in $400,000 hourly
Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard ...Read more
Salary
Rising unemployment and skill shortages prompt Australian businesses to look globally for talent
Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data. Read more
Salary
New findings link job mobility hurdles to stagnant wage growth
Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational ...Read more
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 ...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 ...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
