The decision by the Fair Work Commission (FWC) on Wednesday reflects political reality, but it cannot mask economic reality.
In increasing the minimum wage by $40 per week or 5.2 per cent, and 4.6 per cent for “modern award minimum wages” the commission has provided a welcome and important balm to the cost-of-living wounds being felt most acutely by some of the lowest-paid Australian workers.
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Richard Holden is scientia professor of economics at UNSW Business School. Connect with Richard on Twitter.