Minimum wage increase

Historical article — 2024. The wage and super figures below are for the 2024 announcement and are not current pay rates. For background only. Check current guidance before acting. Explore Regans bookkeeping and payroll support.

From 1 July 2024, the national minimum wage will increase to $915.90 per week.

1. National Minimum Wage Increase: From 1 July 2024, the national minimum wage will rise to $915.90 per week, which equals $24.10 per hour for a full-time employee working 38 hours per week.

2. Modern Award Minimum Wage Increase: Minimum wage rates in all modern awards will also increase by 3.75% from 1 July 2024. This adjustment will impact around 20.7% of the Australian workforce.

3. Implementation Date: Employees will start receiving the increased rates from their first full pay period on or after 1 July 2024.

4. Coverage: The pay increase applies to all employees on minimum wage rates, including juniors, trainees, and employees with disabilities.

5. Reason for Increase: The Fair Work Commission cited cost-of-living pressures as the main reason for the 3.75% increase.

6. Comparison to Previous Years: This year's increase is smaller than the 5.75% increase in 2023, reflecting decreasing inflation and anticipated relief from tax cuts and other cost-of-living measures.

7. Employer Responsibilities: Employers need to ensure they adjust their employees' wages accordingly from 1 July 2024. They should also review annualised wage arrangements and enterprise agreements to ensure compliance with updated minimum award requirements.

8. Superannuation Guarantee Increase: Concurrently, the minimum superannuation guarantee will rise to 11.5% from 1 July 2024, which employers must implement.

For more detailed information, employers can refer to the Annual Wage Review 2023-24