Australia's Treasury Minister, Friedenberg, said during a press statement today, Thursday, that his country plans to start tax cuts early or soon, adding that the tax cuts have already been put in place and the necessary legislation has been drafted for them, but now there is talk about expediting their date in light of The current economic crisis.
It is noteworthy that the data issued earlier by the Australian Bureau of Statistics showed a decline in economic growth data in Australia more than expected during the second quarter of 2020, as the data showed a decline in the GDP index on a quarterly basis in the country during the second quarter from 7.0% .
In a related context, the Fair Labor Commission raised the minimum wage by an additional $ 21.6 per week, which is less than the rate of rise last year, but still more than the number requested by employers' groups and companies.
Thus, the minimum wage in Australia is $ 740.80 per week, which is an increase of 3% than it was previously. Where the previous minimum was $ 719.20 per week, which is the commission's increase last year by 3.5%. The new limit will take effect from the first Thursday of July.
On the one hand, Commission Chair Ian Ross revealed that he is convinced that the agreed rate increase will not cause any fluctuations in the Australian economy. He also said that it will not negatively affect price inflation. Therefore, the choice was made to 3%, not a higher percentage.
The labor unions had asked for a 6 percent increase in the minimum, so that the addition would be $ 43 per week. But the companies wanted a 2 percent less increase.
On the one hand, Attorney General Christian Porter revealed that he welcomed the increase and that the total cumulative increases of the minimum wage amounted to 6.9% during the era of the coalition government, and the Commission’s decision affects 2.2 million workers in Australia who receive the minimum wage.