Australia increases minimum wage amid easing inflation

Australia's Fair Work Commission (FWC) announced a 3.5% increase to the national minimum wage, effective July 1. This decision provides a real wage increase for approximately 2.6 million workers. The minimum rate will rise to A$24.94 ($16.19) per hour. The FWC cited the Reserve Bank of Australia's assessment that inflation has sustainably returned to its target range of 2% to 3%. This development allows for a correction of wage stagnation experienced over the past four years. The jobless rate remains low at 4.1%.