The Australian Council of Trade Unions (ACTU) have revised their Annual Wage Review claim from 5 per cent to 5.5 per cent to ensure that the quarter of workforce who rely on these salary increases provided by the Review are not still left chasing after the increase of living costs.
The initial ACTU claim was on 31 March and based on prime minister Scott Morrison government’s prediction of a peak inflation at 4.25 per cent. Currently, inflation is already at 5.1 per cent, with the Reserve Bank of Australia predicting it to reach 5.5 per cent by mid-year.
The new ACTU claim would lift the hourly rate in the minimum adult wage from $20.33 to $21.45. The weekly rate will increase from $772.60 to $815.09, while annual rate goes from $40,175.20 to $42,384.84.
ACTU secretary Sally McManus comments, ” “Scott Morrison must act to support increases to the minimum and award wages to protect one in four working Australians from rising cost of living pressures. A 5.5 per cent increase is what is now needed just to ensure people tread water, anything less has them drowning in bills.”
The Annual Wage Review usually takes place from March to June each year and conducted by an Expert Panel of the Fair Work Commission. It reviews and sets minimum wages for employees in the national system, with a decision usually coming into force on 1 July the following financial year.
