Australian Economy Shows Positive Signs with Low Unemployment, Easing Inflation, and Growing Wages
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The treasurer of Australia, Jim Chalmers, has stated that the Australian economy has a 'rare trifecta' of low unemployment, easing inflation, and growing wages. He emphasized that tax cuts are not a substitute for wage boosts and that the lowest-paid workers cannot have their pay go backwards during a cost-of-living crisis. The government's tax cuts, set to come into effect in July, are expected to provide some financial relief. Labor will make its submission to the Fair Work Commission on changes to minimum wages and awards during its 2023-24 wage review. The Fair Work Commission is expected to make its decision later in 2024 .
The rate of job cuts in Australia has decreased, with only 22% of organizations planning redundancies in March, down from 31% in the previous quarter. This trend ...
#newstr #AustralianEconomy #Unemployment #Inflation #Wages #TaxCuts #FairWorkCommission