Fair Work Commission decision on the minimum wage increase

By Heidi Cooper

The Fair Work Australia decision to increase minimum wages above CPI comes at a time when many businesses are already navigating a complex and challenging operating environment as well as escalating costs.

Across Queensland, businesses continue to manage a range of cost pressures, including higher inflation, rising interest rates, fuel price hikes and now wage cost rises.

While wage increases are an important part of supporting workers, an above-inflation adjustment will add to the cost pressure for many operators. In some cases, these additional costs may need to be absorbed, while in others they may flow through to prices across supply chains and for consumers.

Insights from our surveys and industry engagement indicate that business conditions remain tough, with many operators reporting confidence deteriorating, and that cost pressures are significant. Queensland businesses have consistently shown resilience and adaptability, and will continue to do so, but they can’t keep taking hits and this will put extra pressure on an already stretched and stressed business community.