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Australia Overtakes Luxembourg To Have Highest Minimum Wage In The World

Australia Overtakes Luxembourg To Have Highest Minimum Wage In The World

There are a lot of perks of living in Australia: pretty decent weather compared to some of our English-speaking counterparts, good economy, diverse wildlife that definitely doesn't want to kill you at every corner and let's not forget about Vegemite and Tim Tams.

But now there's another aspect of our country that's bloody brilliant: our minimum wage is the highest in the world.

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Over the weekend, OECD figures for 2018 were released, showing the Land Down Under managed to beat Luxembourg in the minimum wage.

Credit: yksin/Creative Commons
Credit: yksin/Creative Commons

Last year there was a 3.5 percent boost to the lowest paid workers, giving them $18.93 per hour. This month, there was another 3 percnt rise (that wasn't included in the OECD report's numbers) which increased the wage to $19.49 per hour.

For the OECD data, the numbers were adjusted for inflation and purchasing power parities, leaving Australia with $12.14.

So, we're likely to still be on top of the rankings for the 2019 report, as long as Luxembourg doesn't just up the ante. The small European country's minimum wage is around $11.82.

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Following Luxembourg was France, Germany, the Netherlands, Belgium, New Zealand, the UK, Ireland and Canada.

Ai Group Chief Executive Innes Willox told the Australian while the news is good, there's still more work to be done to improve the country's lowest earners.

Luxembourg was close behind Australia for the top spot. Credit: Streppel/Creative Commons
Luxembourg was close behind Australia for the top spot. Credit: Streppel/Creative Commons

"In fact, a person receiving a minimum wage in Australia could afford to purchase more with that wage than minimum wage employees anywhere else in the world," Mr Willox said.

"At the same time however, the negative impact on business competitiveness from Australia's high minimum wage levels does raise the risk that there would be fewer employment opportunities for those out of work and fewer opportunities to make inroads into our high underemployment levels."

A spokesperson for the Australian Council of Trade Unions adds: "Rises to the minimum wages that have been won by the Australian union movement have played an important role in moderating the negative impacts of what is the lowest sustained period of wage growth since the end of World War II.

"We will continue to advocate for a fair living wage for working people."

So there you have it, Australia will paid you the best in the world.

Featured Image Credit: PA

Topics: News, Australia

Stewart Perrie

Stewart Perrie is a Trending Journalist at LADbible. His first job was as a newsreader and journalist at the award winning Sydney radio station, Macquarie Radio. He was solely responsible for the content broadcast on multiple stations across Australia when the MH17, Germanwings and AirAsia disasters unfolded. Stewart has covered the conflict in Syria for LADbible, interviewing a doctor on the front line, and has contributed to the hugely successful UOKM8 campaign.

 

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