Minimum Wage increased, bottom lines impacted

Jun 22, 2023 | News

Minimum Wages increased, bottom lines negatively impacted


On 20 June 2023, the National Minimum Wage Order was enacted. The Fair Work Commission has announced:

The increase applies from the first full pay period starting on or after 1 July 2023 and coincides with an increase to the Superannuation Guarantee rate from 10.5% to 11%.


With wage costs increasing for employers, it is a great time to look at your budget and projections for the coming financial year. You should also consider if this cost increase will be passed onto your customers or be absorbed by your business. If you need help with your product/service costing or budget, give us a call today.