19 April 2018
Raising the wage of the lowest-paid workers in Australia by $50 would supercharge job creation, with projections showing that up to 57,000 jobs would be created in the first year.
In a reply submission to the Fair Work Commission the ACTU provided two separate methodologies projecting the effect of a higher minimum wage on job creation.
The two methodologies determined that between 40,000 and 57,000 full-time equivalent jobs would be created in the first year of higher wages.
The first was based on information from the Government’s own submission about the households of people on low incomes, while the second employed used the same assumptions as Treasury when calculating the multiplier effect of a wage rise.
The first projection showed that between 50,000 and 57,000 jobs would be created as a result of a $50 wage rise in the first twelve months, with 30,000 following in the second year.
The second projection found a 40,000-job increase in the first year and 27,000 in the following year.
Quotes attributable to ACTU Secretary Sally McManus:
Raising the wage of the lowest-paid workers in Australia by $50 would supercharge job creation, with projections showing that up to 57,000 jobs would be created in the first year.
In a reply submission to the Fair Work Commission the ACTU provided two separate methodologies projecting the effect of a higher minimum wage on job creation.
The two methodologies determined that between 40,000 and 57,000 full-time equivalent jobs would be created in the first year of higher wages.
The first was based on information from the Government’s own submission about the households of people on low incomes, while the second employed used the same assumptions as Treasury when calculating the multiplier effect of a wage rise.
The first projection showed that between 50,000 and 57,000 jobs would be created as a result of a $50 wage rise in the first twelve months, with 30,000 following in the second year.
The second projection found a 40,000-job increase in the first year and 27,000 in the following year.
Quotes attributable to ACTU Secretary Sally McManus:
- “Australia needs a pay rise, and we need more secure jobs. If Malcolm Turnbull wanted to raise the pay of working people he could make a submission supporting a fair minimum wage rise today.”
- “When people on lower wages get a pay rise they spend it in the local economy, and that creates more jobs.
- “Raising the minimum wage by $50 a week would create up to 57,000 jobs in the first year that it was introduced.
- “The Turnbull Government and the business lobby are trying to keep wages down by running a scare campaign against higher wages.
- “That’s the same discredited, untruthful, damaging trickle-down economics this government loves to roll out.”
- “The truth is that pay rises will create jobs and move our economy forward.”
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