Labor leader Anthony Albanese backs minimum wage increase in line with inflation - ABC News

Labor leader Anthony Albanese has taken the unusual step of endorsing an increase to the minimum wage of at least 5.1 per cent, to keep up with the rate of inflation.

Key points:

• Labor leader Anthony Albanese said he would "absolutely" back a 5.1 per cent increase to the minimum wage, while unions are pushing for a 5.5 percent rise
• Mr Albanese said Labor would make a submission to the Fair Work Commission’s annual wage review if it wins the election
• Coalition Finance Minister Simon Birmingham said no political leader has ever put a figure on the size of any minimum wage rise

Mr Albanese said if Labor wins the federal election, it will make a submission to the Fair Work Commission urging the independent umpire to ensure wages "at least keep up with the cost of living".

"We think no-one should go backwards," he said.

With inflation — the key cost-of-living measure — running at 5.1 per cent, Mr Albanese was asked if he would back an equal increase in wages.

"Absolutely," he said. 

The Australian Council of Trade Unions (ACTU) is pushing for a 5.5 per cent increase, which would see the minimum wage rise from $772.60 to $815.09 per week, or $42,384.84 a year.

Election news:

Earlier, Mr Albanese would not endorse the ACTU's wage claim, but when pressed on his position at a later press conference, backed an increase in line with inflation.

Wages and cost-of-living pressures have emerged as the dominant themes during this election campaign, with sky-rocketing inflation forcing the Reserve Bank of Australia (RBA) to increase interest rates for the first time in 11 years.

While wages have remained stagnant under the Coalition, Finance Minister Simon Birmingham said it was almost unprecedented for a political leader to call for a specific wage increase.

Simon Birmingham says Mr Albanese's position on the minimum wage is a "thought bubble".(ABC News: Ian Cutmore)

Analysis from our experts:

"No Australian government or Opposition has ever put a figure on the rate of the annual wage increase and yet Mr Albanese today has done just that," he said.

"He's put a figure out there without a shred of analysis or information to back up his position."

Senator Birmingham labelled the move a "thought bubble" and used Mr Albanese's intervention to again question his economic credentials.

The RBA expects inflation to peak at 6 per cent this year, twice the forecast wages growth of three per cent.

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https://news.google.com/__i/rss/rd/articles/CBMicGh0dHBzOi8vd3d3LmFiYy5uZXQuYXUvbmV3cy8yMDIyLTA1LTEwL2xhYm9yLWxlYWRlci1hbnRob255LWFsYmFuZXNlLWJhY2tzLW1pbmltdW0td2FnZS1yaXNlLWluZmxhdGlvbi8xMDEwNTM3ODDSAQA?oc=5

2022-05-10 07:13:07Z
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