Millions of Australian workers will get a 3.5 per cent pay rise from July 1, following the Fair Work Commission's annual review of the minimum wage and award agreements. Inflation is currently at 2.4 per cent annually.
I think it’s a good thing, but am expecting the usual suspects to use this as a reason to hike prices and for others to scream it’s the cause of all inflation.
The countless hours of the which came first, chicken or the egg? about the wage-inflation spiral will be sickening.
Honestly prices should increase to cover the increased costs; but seeing as how labour costs are only a fraction of overall business expenses, this should only translate to a sub-1% increase - if that!
I think it’s a good thing, but am expecting the usual suspects to use this as a reason to hike prices and for others to scream it’s the cause of all inflation.
The countless hours of the which came first, chicken or the egg? about the wage-inflation spiral will be sickening.
Honestly prices should increase to cover the increased costs; but seeing as how labour costs are only a fraction of overall business expenses, this should only translate to a sub-1% increase - if that!