A new financial year means new regulation and wage rates for business, but this time, no tax cuts
The new financial year brings a new start, but also—inevitably—new regulation and new wage rates. Unfortunately this year (unlike the past eight) we have no tax cuts to celebrate. Instead, we have only wage increases that are brought about by the recent 3.4 per cent wage determination, courtesy of Fair Work Australia.
For many years we have had the positive of our consumers with more money in their pockets to offset the increase in our own wage costs.
This year it is not the case, albeit the flow on of the 3.4 per cent to all wage levels will see some consumers with money to spend. The other negative with the year’s adjustment is that all modern award phase ins will see further increases in rates. Forty per cent of the full change in rates takes effect this month. The Association has completed wage tables that show all of the rates and scales you will need. Please register for the website members’ section and pick up your copy. If you are not sure which table is for you, please phone the Workplace Relations Advisory Service on 1300 722 878.
We are seeing increased compliance activity so please ensure that you check your rates are right for your business.
CEO, Restaurant & Catering