Albo takes a deep breath in while the Reserve Bank of Australia records interest hikes under Australia's new government regume, the worst over the last 30 years, "Interest rate decision: RBA raises cash rate by half a percentage point to 1.35 percent — as it happened."
Funny that, 30 years ago, interest rises 30 years ago was under a Labor Prime Minister Paul Keating (aka as Keato).
This is a result of increased inflation rates and the recent push for minimum wage increases, tightening up small businesses' leftover money for themselves as they face rising costs of goods and services. Minimum wage increases should be introduced, only if the economy can take it. Bad timing as the economy is coming out of COVID-19 restrictions this year and businesses that have struggled are behind the eight ball, in relation to losing generated income during COVID-19.
Generally, I think employers should review their staff work and income over a yearly period and then look at the profit band loss sheet and see whether a fair wage rise would be reasonably affordable for the business. If the business is making a loss, then they have a right not to provide a pay rise. Albo should have been considerate to small businesses here.
Click here for publish post on Employers argue wage rises Here employers group confirms that this wage rise will affect a further inflation increase. Opponents of this suggestion of an inflation rate increase due to Minimum wage increases may not have been opposing this if Scomo was in power. Let's see what else the new government can do to bring an economical crisis, whilst we have large increases in fuel, food, and services. The thing I hate is when a business has to increase their goods and services due to COVID-19. This is a ridiculous Statement and the Government should take immediate action for increases due to COVID-19.
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