“The ACTU’s job-destroying minimum wage claim of $50 per week has obviously been plucked out of the air, rather than being the result of a rigorous analysis of economic conditions. The claim is nearly four times the current rate of inflation. If accepted by the Fair Work Commission, the claim would destroy jobs and harm low-paid workers,” Australian Industry Group Chief Executive, Innes Willox, said.
“Australia already has one of the highest national minimum wage rates in the world, and the ACTU’s claim would push our national minimum wage to without doubt the highest in the world. As a medium-sized country with an open economy, Australia cannot afford to be uncompetitive in the global marketplace. Australia needs investment if jobs are to be created and living standards are to be improved.
“The Australian Industry Group’s submission in 2018’s Annual Wage Review argues that, when all the relevant factors are weighed up, a modest wage increase of 1.8% is warranted. This equates to an increase of about $12.50 per week in the National Minimum Wage and about $14.60 per week at the base trade level,” Mr Willox said.
Source: Ai Group