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Essay On Minimum Wage In Australia

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The recent sharp increase in inflation in Australia has resulted in many families being deprived of necessities such as food, water and amenities. This is a direct consequence of the low minimum salaries set by the Australian Federal Government. While some may argue that changing the minimum wage would force businesses not to be interested in the Australian market and move their operations ‘offshore’, this is quite simply untrue. An increase in the Federal minimum wage would inject more money into the economy and businesses would benefit significantly, therefore, reducing inflation. Increasing Australia’s minimum by 5% would counter inflation and the exponentially rising living costs for all low-paid Australians.

The national minimum wage …show more content…

When low-paid workers have more money in their pockets, they are more likely to spend it on goods and services. This increased spending can stimulate demand for discretionary items and therefore create more jobs. The current labour market is strong enough that a pay increase would not have a significant adverse effect on the economy. It could have a positive effect by increasing consumer spending and boosting economic growth. According to a report by the Centre for Future Work at the Australia Institute, increasing the minimum wage to $25 per hour would boost the Gross Domestic Product (GDP) by $4.5 billion and create 30,000 new jobs. Therefore, increasing the minimum wage would help reduce income inequality and poverty, boost consumer spending and economic growth, and provide much-needed relief for low-paid workers struggling with the rising cost of …show more content…

By increasing the minimum wage, low-paid workers would be able to afford better-quality food, housing, and healthcare. This would help to improve their physical and mental health and reduce poverty rates. Additionally, increasing the minimum wage would help to reduce financial stress for low-paid workers and their families. This would help to improve their quality of life and reduce poverty rates. Overall, increasing Australia’s Federal minimum wage is an important step towards improving the lives of low-paid workers and their

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