Australia announces national minimum wage will increase by nearly 4% to match inflation.

Australia's independent wage-setting body announced on Download the FXTM forex app for AndroidMonday that the national minimum wage will increase by 3.75%, roughly in line with the inflation rate, to help families cope with the rising cost of living.

Starting July 1, the minimum wage will rise to AUD 24.10 (USD 16.05) per hour, meaning about one-fifth of the Australian workforce, or approximately 2.6 million employees, will earn an additional AUD 33 per week.

In its annual review, the Fair Work Commission stated that the cost of living pressures impact low-income workers the most, even though the current inflation rate is significantly lower than the same period last year when the wage increase was 5.75%.

However, the report noted that since labor productivity has not improved compared to four years ago, it is currently unsuitable to increase wages significantly above the inflation rate.

Australia's annual consumer price inflation rate for April was 3.6%, the highest in five months, increasing the risk of a potential interest rate hike.

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