MEDIA RELEASE – Fair Work Commission Annual Wage Review Decision

Hon Angus Taylor MP

Shadow Treasurer

Member for Hume

Senator the Hon Michaelia Cash

Shadow Minister for Employment and Workplace Relations
Deputy Leader of the Opposition in the Senate

Senator for Western Australia

JOINT MEDIA RELEASE

The Coalition recognises the decision by the independent Fair Work Commission to raise the National Minimum Wage by 5.2 per cent.

The Labor Government must respond with sensible measures to prevent the further fueling of inflation and higher interest rates.

Shadow Treasurer Angus Taylor and Shadow Minister for Employment and Workplace Relations Senator Michaelia Cash said achieving higher wages should be made on the back of productivity.

“Everyone wants to see higher wages,” Mr Taylor said.

“But if Labor Government policy triggers a race between prices and wages, wages will ultimately lose out – we know that from history.

“While Australia’s economic recovery from COVID has been strong, we know that many small and family businesses still face enormous pressures to keep the doors open.

“Along with rising energy prices, labour shortages and supply chain pressures – this will be another cost that many small businesses will struggle to meet.

“The Reserve Bank of Australia has sent a very clear message – unnecessary Government spending will fuel higher inflation and higher interest rates resulting in further pain for Australian families and businesses.

“There’s no doubt that there are many tough days ahead.

“In light of today’s decision, it is even more crucial the Government support these businesses and avoid putting further pressure on inflation.

Senator Cash noted that the FWC decision pointed to the strength of the labour market as one of the key reasons for the increase.

“This decision reflects the strong economic management of the previous Coalition Government which left office with an unemployment rate of 3.9%, the lowest in 50 years,” she said.

“Our record on job creation while in Government is very clear and the challenge for the Albanese Government will be to keep Australians in work,’’ she said.

“We know that a strong economy starts with having people in jobs and the Government needs to do everything possible to make sure this continues.

“Higher wages mean nothing if you don’t have a job,’’ she said.

ENDS