Australia's minimum wage will increase by 8.6 per cent, and award workers will get a 5.75 per cent pay boost, in a Fair Work Commission (FWC) decision. The new national minimum wage will be $23.23 per hour, and $882.80 per week, based on a 38-hour week.But that increase in the minimum wage comes with an important technicality.The Fair Work Commission said it was confident the hourly pay increases would only make a "modest" contribution to wages growth in 2023-24 and "will not cause or contribute to any wage-price spiral."We acknowledge that this increase will not maintain the real value of modern award minimum wages, nor reverse the reduction in real value that has occurred over recent years," the commission said.
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