Australia ‘leads’ the world
The ‘Fair’ Work Commission announced that by mere virtue of being employed, 2.3 million Australians will be paid $1,263 extra each year. With the new minimum hourly rate of $18.93, Australia has the MOST expensive labour on the planet and we certainly don’t have the levels of productivity to warrant this. Retailers will be hit hard by this extra cost, which will push some of them across the threshold of viability. Just for comparison, the hourly minimum wages in Germany are $13.40, $11.35 in Canada and $9.75 in the US. Australians should be concerned about living beyond our means – in the longer term, this never ends well.