Australia increases minimum wage by 3%

Australia’s national minimum wage will rise by 3% to A$740.80 a week from 1 July, the Fair Work Commission announced on Thursday.

Unions had been calling for a 6 per cent rise while industry groups were expecting a modest increase of up to 2%. 

The decision to lift minimum wage by 3% will lift real wages (inflation-adjusted), possibly leading to higher consumer spending.