Latest news with #AnnualWageReview
Perth Now
2 days ago
- Business
- Perth Now
Albo to get $14.5k pay rise in weeks
Anthony Albanese and other politicians are set for a plumped-up pay packed in just weeks, with the Prime Minister's salary jumping from about $607,471-a-year to $622,050. Politicians, department secretaries and other senior public servants will get a 2.4 per cent pay rise from July 1, following the determination of the 2025 Review of Remuneration for Holders of Public Office. The statement issued by the Remuneration Tribunal on Wednesday noted that the total remuneration increases given in the past year have been 'relatively modest,' totalling 18.65 per cent since 2016. While the 2.4 per cent pay bump matched inflation, it is under the 3.4 per cent wage-price index for the public sector, and less than the 3.4 per cent and 4 per cent increases awarded by the Tribunal in 2024 and 2023 after salaries stalled during the Covid pandemic. 'In contrast, remuneration increases more generally in the public and private sectors (based on overall March Wage Price Index data from 2016-2025) equate to 25.6 per cent,' the statement said. Politicians are set to get a 2.4 per cent pay rise. NewsWire/ Gaye Gerard Credit: News Corp Australia The 2.4 per cent boost was also lower than the Fair Work Commission's Annual Wage Review which determined a 3.5 per cent above-inflation increase to the minimum wage and Australians on modern award wages. A backbencher will see their salary increase from about $233,660 to $239,267, while Sussan Ley will get a boost of $10,374 to $442,643. Jim Chalmers' annual pay will be boosted to $448,625, a bump of $10,514 while cabinet ministers will receive an uplift of $4065 to $412,735. Politicians are also given an electorate allowance which covers expenses incurred to 'provide services to their constituents' such as travelling, in additional to a private plated vehicle. Senators get a flat rate of $39,700 per year, while MPs are given between $39,700 to $57,100 depending on the size of their electorate.
West Australian
2 days ago
- Business
- West Australian
Renumeration Tribunal sets 2.4 per cent pay rise for MPs, Anthony Albanese to pocket extra $14.5k
Anthony Albanese and other politicians are set for a plumped-up pay packed in just weeks, with the Prime Minister's salary jumping from about $607,471-a-year to $622,050. Politicians, department secretaries and other senior public servants will get a 2.4 per cent pay rise from July 1, following the determination of the 2025 Review of Remuneration for Holders of Public Office. The statement issued by the Remuneration Tribunal on Wednesday noted that the total remuneration increases given in the past year have been 'relatively modest,' totalling 18.65 per cent since 2016. While the 2.4 per cent pay bump matched inflation, it is under the 3.4 per cent wage-price index for the public sector, and less than the 3.4 per cent and 4 per cent increases awarded by the Tribunal in 2024 and 2023 after salaries stalled during the Covid pandemic. 'In contrast, remuneration increases more generally in the public and private sectors (based on overall March Wage Price Index data from 2016-2025) equate to 25.6 per cent,' the statement said. The 2.4 per cent boost was also lower than the Fair Work Commission's Annual Wage Review which determined a 3.5 per cent above-inflation increase to the minimum wage and Australians on modern award wages. A backbencher will see their salary increase from about $233,660 to $239,267, while Sussan Ley will get a boost of $10,374 to $442,643. Jim Chalmers' annual pay will be boosted to $448,625, a bump of $10,514 while cabinet ministers will receive an uplift of $4065 to $412,735. Politicians are also given an electorate allowance which covers expenses incurred to 'provide services to their constituents' such as travelling, in additional to a private plated vehicle. Senators get a flat rate of $39,700 per year, while MPs are given between $39,700 to $57,100 depending on the size of their electorate.
News.com.au
05-05-2025
- Business
- News.com.au
Millions of Aussies could get pay rise after Albanese's election win
Millions of Australia's lowest paid workers could receive a bump in their pay after Anthony Albanese's landslide victory in Saturday's election. Mr Albanese – who will lead a majority Labor government in a historic second term – last month announced his party have backed a wage rise for low paid workers above inflation, which currently sits at 2.4 per cent. In a submission filed to the Fair Work Commission's in April, Labor recommended 'an economically sustainable real wage increase' for Australia's award and minimum wage workers. Raising real wages for low-paid workers would help about three million people, such as cleaners, retail workers and early childhood educators, the government said. 'I'll tell you what is important too, as a Labor government: not leaving people behind. That's a core value we have,' Mr Albanese told reporters in Melbourne in May. 'We don't leave people behind and we don't hold people back. 'We stand for people who are vulnerable in our community, including those people who are doing it tough because they're on minimum or award wages.' The national minimum wage was set at $24.10 an hour last year, equating to $915.90 for a 38-hour week, or $47,626.80 annually. Unlike last election where he called for a minimum 5.1 per cent rise to match inflation, the Prime Minister did not provide a specific figure for the increase. Following Labor's announcement, Opposition Leader Peter Dutton – who lost his seat of Dickson in Saturday's election – said he backed higher wages for low-paid workers, but he stopped short of supporting an above inflation pay rise. The decision to increase wages sits with the Fair Work Commission, which holds its Annual Wage Review between March and June. Any changes then typically come into effect on July If the Commission approves an increase of 2.4 per cent, the minimum wage would rise to $24.68 an hour. In its submission to the Commission, Labor said any increase in minimum and award wages should be consistent, which is to say contingent, on inflation returning 'sustainably' to the RBA's target band. 'Labor submits that this outcome is both fair and economically responsible,' Labor wrote. 'Labor believes workers should get ahead with a real wage increase. Despite heightened global uncertainty and volatility, the Australian economy has turned a corner. Inflation is now less than one third of its peak, unemployment remains low, there are over a million additional people employed than in May 2022, and interest rates have started to come down. 'Economic growth rebounded at the end of last year and the private sector is now a key contributor to growth. Importantly, real wages growth has now returned and is forecast to continue across 2024-25 and 2025-26.' Mr Albanese's' support to increase real wages for low paid workers is just one way his party said it will help Aussies amid the cost-of-living crisis. In March, Labor announced a pay rise for 60,000 aged care nurses under a $2.6 billion investment. Registered and enrolled nurses will see their award wage increase by an average of about 12 per cent. The increases will be provided in three instalments on 1 March 2025, 1 October 2025 and 1 August 2026. Meanwhile, Treasurer Jim Chalmers announced two new tax cuts to the lowest bracket in the 2025 federal budget, with the rate to drop from 16 per cent to 15 per cent from July 1, 2026, and to 14 per cent in 2027-28. The cut, legislated one day after the budget was handed down, would be permanent and equate to a saving of about $10 a week for the average earner once both cuts have flowed through. Labor have also announced a $150 in Energy Bill relief, 20 per cent reduction on all student loan debts and changes to the Medicare levy, among other measures.
Daily Mail
04-05-2025
- Business
- Daily Mail
Millions of Australians set to get a payrise after Anthony Albanese claims historic election win
Millions of Australians may soon receive a pay rise following Prime Minister Anthony Albanese 's historic election victory on Saturday. Before the election, Mr Albanese urged the Fair Work Commission to increase the minimum wage to at least match inflation, which is at 2.4 per cent. 'The idea that a Labor government would ever advocate for a below-inflation increase, that people on the minimum wage should go backwards - that's not the party I belong to and not the party I lead,' Albanese said at the time. But unlike in the previous election when he backed a 5.1 per cent increase to match inflation, this time Albanese refused to nominate a specific figure. 'We recommend that the FWC should go further and provide an economically sustainable real wage increase to Australia's award workers,' Mr Albanese said. 'An increase in minimum and award wages should be consistent with inflation returning sustainably to the RBA's target band this year, while providing further relief to lower income workers who continue to face cost of living pressures.' Australia's national minimum wage is $24.10 per hour, equating to $915.90 for a 38-hour week, or $47,626.80 annually. Casual workers receive a 25 per cent loading, taking their hourly pay to approximately $30.13. Casual employees receive an additional 25 per cent loading, bringing their hourly rate to approximately $30.13. If the Fair Work Commission approves a 2.4 per cent increase, the minimum wage would rise by 58 cents per hour to $24.68 - or an extra $21.98 per week. The Commission conducts its Annual Wage Review between March and June, with any changes typically taking effect from July 1. A minimum wage rise will benefit the estimated 180,000 workers currently on the minimum wage, as well as 2.6 million workers across 121 awards that will also be adjusted. Since Mr Albanese became Prime Minister in May 2022, the national minimum wage in Australia has increased by 8.5 per cent. This includes a 5.2 per cent rise in July 2022 and a 3.75 per centincrease in July 2024 In a seperate decision announced in March, the Albanese government revealed it will lift the award rate for naged care workers. Registered and enrolled nurses will see an average 12 per cent increase in their award wage. The increases will be delivered in three installments: 1 March 2025, 1 October 2025, and 1 August 2026. The prime minister has secured a second term in office with Labor increasing its majority in a decisive result. With 70 per cent of the vote counted, Labor has won 85 seats with the coalition going backwards to sit on 35 seats, while 19 seats remain in doubt. Labor saw large swings across multiple states, booting the coalition out of all seats in Tasmania and Adelaide, while making significant gains in opposition heartland in Queensland. Among the significant wins for Labor was Peter Dutton's electorate of Dickson, as he became the first opposition leader to lose his seat at an election.
