The Australian government announced in June that the national minimum wage was to increase from 1 July 2022.
The national minimum wage has increased from $20.33 per hour to $21.38 per hour. This means an extra $40 per week for millions of Australians.
The rise constitutes a 5.2% increase and comes amid the rising cost of living crisis affecting the country.
Awards minimum wages have also increased by 4.6%. Awards are legal documents that set minimum pay rates and employment conditions in various industries covering millions of Australian workers.
So, what does this mean for business owners?