Latest news with #ACTU
The Guardian
3 hours ago
- Business
- The Guardian
Australia news live: union chief says minimum wage still not ‘livable' despite yesterday's rise; Victorian police hunt dancing burglar
Update: Date: 2025-06-03T21:36:27.000Z Title: Trade union says even with 3.5% rise, new minimum wage still not 'livable' Content: Sally McManus, secretary of the Australian Council of Trade Unions, said the body still believes there's 'more catch-up to do' for lower-wage workers after it announced a 3.5% increase to the minimum wage yesterday. While the new rate will be $24.95 an hour, she said for a full-time worker it's still 'not enough to live on'. McManus told Radio National Breakfast: I think it's a good outcome. We always wanted one that was more than inflation. … Minimum wages actually have gone backwards over the last couple of years because of that inflation spike. And that's also what small business owners have got to think about, too. Their workers have gone backwards in real terms, and if they don't start to catch up now, when are they going to catch up? She also addressed criticism that small businesses would struggle to absorb the costs associated with a higher minimum wage, saying critics predict closures every year that don't take place. Over the last four years, businesses between one and 19 staff grew by 108,000 or 13%. For those over 20 [people], they grew even faster by 36%. So they don't come back and say, oh, sorry, we were wrong. Update: Date: 2025-06-03T21:26:49.000Z Title: Good morning Content: , and happy Wednesday. Nick Visser here to take you through the day's breaking news. Let's get started: Sally McManus, the secretary of the Australian Council of Trade Unions, defended the decision to raise the minimum wage by 3.5% yesterday. She said even with the increase to $24.95 an hour, real wages had gone backwards in recent years and 'if they don't start to catch up now, when are they going to?'. She points out the minimum wage is still not enough for most people to live on. Police in Victoria are appealing for information to identify a dancing thief who was 'feeling the groove' before he allegedly stole laptops from a local school. Officials released video footage of a man 'dancing, spinning and jumping' and hope the clip will assist in their inquiries. We'll also be sharing updates on Labor's plans to change taxes on large superannuation balances, the ongoing fallout over Senator Dorinda Cox's defection from the Greens and we could have results from the seat of Bradfield today, which is finalising a recount. Stick with us.
Yahoo
12 hours ago
- Business
- Yahoo
Actuate Therapeutics shares highlights from KOL eventon elraglusib data
Actuate Therapeutics (ACTU) announced key takeaways from its Key Opinion Leader event held on May 31, 2025 discussing the topline results from the Phase 2 trial of elraglusib in combination with gemcitabine/nab-paclitaxel in previously untreated patients with metastatic pancreatic ductal adenocarcinoma. The study met its primary endpoint, demonstrating a clinically meaningful increase in median overall survival of 10.1 months compared to 7.2 months, with a 37% reduction in the risk of death. The elraglusib/GnP arm also doubled the 12-month survival rate in 44.1% of patients compared to GnP alone, with a favorable safety profile. The KOL event followed the presentation of topline trial data during an oral session at the American Society of Clinical Oncology Annual Meeting. The event featured a fireside discussion with leading mPDAC clinicians, all with direct participation in the elraglusib clinical trial program: Colin Weekes, MD, PhD, Massachusetts General Hospital; Devalingam Mahalingam, MD, Northwestern University Feinberg School of Medicine; Rachna Shroff, MD, MS, FASCO, University of Arizona Cancer Center; Tanios Bekaii-Saab, MD, FACP, Mayo Clinic College of Medicine and Science. The panelists highlighted the implications of the Phase 2 Actuate 1801 Part 3B results in the broader context of the unmet need in mPDAC, the unique immune-modulating mechanism of elraglusib, and its potential to reshape the treatment landscape. Daniel Schmitt, CEO of Actuate said, 'The reception we received at ASCO confirms what we already believed – this data has the potential to change the trajectory of mPDAC treatment. As our KOLs highlighted in the panel discussion, there is a clear need for new drugs, like elraglusib, with new mechanistic pathways, and which can be successfully combined without overlapping toxicities for treatment of this devastating disease. As these thought leaders pointed out, due to a number of negative trials, there has been quite some time since we've had anything that improves outcomes for patients with these chemotherapy backbones. The thought leaders further highlighted the importance of the overall survival benefit and noted the magnitude of that benefit in the elraglusib trial is actually substantial. We are now laser-focused on turning this promise into patient access. With a clear survival benefit, favorable safety profile, and strong scientific rationale, we look forward to advancing elraglusib development and initiating regulatory discussions with both the FDA and EMA.' Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on ACTU: Disclaimer & DisclosureReport an Issue Actuate Therapeutics Reports Positive Phase 2 Trial Results Promising Clinical Trial Results Justify Buy Rating for Actuate Therapeutics' Elraglusib Actuate Therapeutics Elects Directors at Annual Meeting Actuate Therapeutics to host KOL event on Phase 2 elraglusib data Actuate Therapeutics Announces Positive Phase 2 Trial Results Sign in to access your portfolio
Free Malaysia Today
21 hours ago
- Business
- Free Malaysia Today
Australia raises minimum wages by 3.5% as inflation eases
The decision could help many workers recover lost real income from recent years affected by rising living costs. (Unsplash pic) SYDNEY : Australia's independent wage-setting body on Tuesday raised the national minimum wage by 3.5% effective July 1, a real wage increase for about 2.6 million workers on the lowest pay as inflationary pressures ease in the economy. The minimum rate will rise to A$24.94 (US$16.19) per hour, resulting in an extra A$1,670 in a year for full-time employees, according to the Fair Work Commission's (FWC) annual review. Headline consumer price inflation held at 2.4% in the first quarter, comfortably within the Reserve Bank of Australia's target band of 2% to 3% and having come down from the 7.8% peak in late 2022. FWC President Adam Hatcher said the decision could help many workers to recoup the loss of their real income over the last few years due to high living costs. 'If this opportunity is not taken in this annual wage review, a loss in the real value of wages which has occurred will become permanently embedded … and a reduction of living standards for the lowest paid in the community will thereby be entrenched,' Hatcher said. Last year, the FWC increased minimum wages by 3.75% but that was largely in line with inflation. The Australian Council of Trade Unions (ACTU) described the wage increase as 'a great outcome' for employees on minimum wages, who it said suffered the most when inflation soared after the Covid-19 pandemic. 'Our lowest-paid workers are getting ahead again,' ACTU secretary Sally McManus told reporters. The Reserve Bank of Australia cut interest rates to a two-year low last month as cooling inflation at home offered scope to counter rising global trade risks, and left the door open to further easing in the months ahead. At the same time, the labour market has remained surprisingly resilient, with the jobless rate hovering at 4.1% for over a year now. Employment gains have been driven by a surge in public sector jobs, with still tepid wage growth suggesting few risks of a damaging wage-price spiral.
Sky News AU
21 hours ago
- Business
- Sky News AU
COSBOA warns 'higher wages without higher productivity is a disaster waiting to happen' after FWC approves pay bump
Australia's peak body for small businesses has warned 'higher wages without higher productivity is a disaster waiting to happen' after the Fair Work Commission approved a 3.5 per cent wage increase. The commission's expert panel revealed that the national minimum wage will increase by $0.84 per hour, to $24.94 per hour, from July 1. This will lift the weekly full-time wage to $947.95, or $49,294 annually—an overall increase of $1,666 per year for full-time workers. The Council of Small Business Organisations Australia (COSBOA) CEO Luke Achterstraat said the recent wage bump comes at odds with the nation's lagging productivity. 'We have repeatedly warned that higher wages without higher productivity is a disaster waiting to happen,' Mr Achterstraat said in a statement. 'To ensure that our children don't endure a lower standard of living than us, we need to boost productivity – our workplace settings have a direct impact on this outcome. 'We need to see less complexity, more certainty and a user-friendly approach that encourages small businesses to hire, grow and reward staff.' Australia's productivity, which is based on 20-year average annual growth rates, was 0.9 per cent in the 2023 financial year. The rate was between 1.7 and 1.8 per cent for much of the 2000s and 2010s and the slump indicates a downturn in the nation's GDP compared to the number of hours Australians worked. The Australian Chamber of Commerce and Industries CEO Andrew McKellar said low levels of profitability, poor productivity and stagnant business investment mean employers would struggle with this wage bump. "For those smallest businesses in the economy, particularly those in areas like retail, hospitality, restaurants and cafes, this will be a very difficult increase for them to take on," Mr McKellar told reporters on Tuesday. Employer groups had argued for a more modest increase of 2.6 per cent, in line with the current inflation rate. The Australian Council of Trade Unions (ACTU) had called for a 4.5 per cent increase to lift the minimum wage to $25.18 per hour. ACTU secretary Sally McManus supported the 3.5 per cent bump and stressed a wage increase was beneficial to small businesses in the long run. 'The very worst thing for small businesses is if workers' wages are going backwards. It means they have to cut back,' Ms McManus told reporters on Tuesday. 'The very first place they cut back on is things that they can afford to. So, that's the little bit extra. It might be the coffee, it might be the sandwich, it might be a beer at the pub. 'You can't cut out your rent. You can't cut out your bills. So it's in the interest, actually, of small business that their customers have more money in their pocket.' The Australian Services Union, which also pushed for a 4.5 per cent increase, said the hike was particularly critical after soaring post-pandemic inflation ate into real wages. 'Essential workers shouldn't be forced to choose between rent, food and staying warm,' ASU national secretary Emeline Gaske said. 'The 3.5 per cent increase is welcome, but it's only a start. After years of cost of living increases, workers need and deserve long-term wage growth to get ahead.' The Albanese government, which did not nominate a specific figure in its submission, urged the commission to deliver a real wage rise above inflation. Employment and Workplace Relations Minister Amanda Rishworth said that the decision was a "win" for workers. 'I welcome the Fair Work Commission's decision to increase the National Minimum Wage and award wages,' she said on Tuesday after the announcement. 'Our government believes that workers should get ahead with an economically sustainable real wage increase. 'A real wage increase provides further relief to our lowest paid workers who continue to face cost-of-living pressures.'
Yahoo
a day ago
- Business
- Yahoo
Australia raises minimum wages by 3.5% as inflation eases
By Renju Jose and Stella Qiu SYDNEY (Reuters) -Australia's independent wage-setting body on Tuesday raised the national minimum wage by 3.5% effective July 1, a real wage increase for about 2.6 million workers on the lowest pay as inflationary pressures ease in the economy. The minimum rate will rise to A$24.94 ($16.19) per hour, resulting in an extra A$1,670 in a year for full-time employees, according to the Fair Work Commission's (FWC) annual review. Headline consumer price inflation held at 2.4% in the first quarter, comfortably within the Reserve Bank of Australia's target band of 2% to 3% and having come down from the 7.8% peak in late 2022. FWC President Adam Hatcher said the decision could help many workers to recoup the loss of their real income over the last few years due to high living costs. "If this opportunity is not taken in this annual wage review, a loss in the real value of wages which has occurred will become permanently embedded ... and a reduction of living standards for the lowest paid in the community will thereby be entrenched," Hatcher said. Last year, the FWC increased minimum wages by 3.75% but that was largely in line with inflation. The Australian Council of Trade Unions (ACTU) described the wage increase as "a great outcome" for employees on minimum wages, who it said suffered the most when inflation soared after the COVID-19 pandemic. "Our lowest-paid workers are getting ahead again," ACTU Secretary Sally McManus told reporters. The Reserve Bank of Australia cut interest rates to a two-year low last month as cooling inflation at home offered scope to counter rising global trade risks, and left the door open to further easing in the months ahead. At the same time, the labour market has remained surprisingly resilient, with the jobless rate hovering at 4.1% for over a year now. Employment gains have been driven by a surge in public sector jobs, with still tepid wage growth suggesting few risks of a damaging wage-price spiral. ($1 = 1.5401 Australian dollars)
