Fair Work Announces Annual Wage Review Decision 2024

In compliance with section 285 of the Fair Work Act 2009, the Fair Work Commission recently completed its Annual Wage Review, which included significant adjustments to both the National Minimum Wage and modern award minimum wages.

According to the Commission's announcement on Monday, both National Minimum Wage and modern award minimum wage rates will see an increase of 3.75%, which will become effective from 1st July 2024. The Commissions says this decision has been made after a thorough assessment and consideration of stakeholder submissions and aims at maintaining a delicate balance between addressing cost of living pressures and ensuring reasonable wage levels.

The Commission advised that an estimated 2.6 million workers, or 20.7% of Australia's total workforce, are set to be directly impacted by the minimum wage rates outlined in Modern awards.