Among the development country, Australia has the highest minimum wage which had recorded in Organisation for Economic Co-operation and Development. We can clearly see that the minimum wage in Australia is keep raising every year that in 2015, it lifted 2.5% to $17.29 an hour, which is above the inflation 1; raised 2.4% to $17.70 in 20162; which in 2017, a greater increasing occur which is 3.3% to18.29 an hour3. According to Justice Ross, he said that the business conditions is stable and the unemployment rate is positive and also improve the living standards among the low-paid group despite the increase of the wage.
Another interesting is the taxes that need to pay is lower, which totally different with other country that the tax is increasing with the increase of minimum wage. Besides, it is easier for an Australian to live above poverty line which they only need to work six hours per week to who have two kids. However, it seems unfortunate in other country such as United State which is a country that more develop then Australia. A worker there who also has two kids need to work 50 hours per week to lift themselves above the poverty line while if in Czech Republic, need to work 79 hours per week to escape poverty which is 13 times compare to an Australian worker.4
Many countries have implemented its minimum wage system which every employer is required to follow. It provides a fair and equal hourly wage to every employee; however, lots of arguments rise to oppose this policy. Nonetheless, is it this system brings more problem rather than benefits the society?
1 Smyth, J. (2 June, 2015). Australia raises one of world’s highest minimum wages. Retrieved from Financial Times: https://www.ft.com/content/e35ca32a-08f3-11e5-881f-00144feabdc0
2 Minimum wage: How does Australia compare to other countries? (31 May, 2015). Retrieved from ABC NEWS: http://www.abc.net.au/news/2016-05-31/minimum-wage-how-does-australia-compare/7461794
3 HANNAN, E. (6 June, 2017). Minimum wage to be lifted by 3.3 per cent to $18.29 an hour. Retrieved from The Australian: http://www.theaustralian.com.au/national-affairs/industrial-relations/minimum-wage-to-be-lifted-by-33-per-cent-to-1829-an-hour/news-story/ea540d229e58b82a4b41b07cb60957dd
4 Petroff, A. (14 5, 2015). This country has the best minimum wage in the world. Retrieved from CNN Money: http://money.cnn.com/2015/05/14/pf/minimum-wage-countries-australia/index.html