The Fair Work Commission (FWC) released the results of the 2024 Annual Wage Review today, announcing that all modern award minimum wage rates will increase by 3.75 per cent, effective from 1 July 2024.
 
The new national minimum wage will be $24.10 per hour for full-time workers, or $915.91 per week, based on a 38-hour week.

The FWC stated:
“The increase of 3.75 per cent which we have determined is broadly in line with forecast wages growth across the economy in 2024 and will make only a modest contribution to the total amount of wages growth in 2024. We consider therefore that this increase is consistent with the forecast return of the inflation rate to below 3 per cent in 2025”.

As with previous years, the minimum wage rates increase is applicable from the first full pay period on, or after, 1 July 2024.

The FWC stated:
“Modern award minimum wages remain, in real terms, lower than they were five years ago, notwithstanding last year’s increase of 5.75 per cent, and employee households reliant on award wages are undergoing financial stress as a result. This has militated against this Review resulting in any further reduction in real award wage rates.
At the same time, we consider that it is not appropriate at this time to increase award wages by any amount significantly above the inflation rate, principally because labour productivity is no higher than it was four years ago and productivity growth has only recently returned to positive territory”.

Pay Tables
The Fair Work Ombudsman (FWO) will now prepare their Pay Tables based on the percentage increase.  The modern award minimum wage increase will be applicable from the first pay period on or after 1 July 2024.

Jobs Australia will prepare our Pay Tables and distribute to Members within one or two days of the FWO Pay Tables announcement, usually around the last week in June. 

We will advise Members via email once our Pay Tables are available on our website for download.