Anthony Albanese is standing by his call for a 5.1 per cent increase to the minimum wage, and is considering - but not committing to - putting it to the Fair Work Commission in a formal submission should Labor win government on May 21.

Amid a political conflagration, Mr Albanese described as “nonsense” claims by the government, business, and some economists that such a rise would be inflationary, could put more pressure on interest rates, and ultimately hurt those it was supposed to help.