
Australia’s minimum wage and inflationary pressures
The Reserve Bank of Australia (RBA) has implemented a series of twelve interest rate hikes since April 2022 in an attempt to curb high inflation. Australia’s Fair Work Commission has also announced an increase in the National Minimum Wage to $23.23 per hour in part, to assist minimum wage workers with cost of living pressures. Griffith Business School Industry Fellow Will Banks looks at both minimum wage increase and interest rate hikes and their impact on Australia’s longer term economic well-being.