There are 2.3 million Australians who earn the minimum wage - that's nearly one in four workers, an increase of more than 400,000 from two years ago. The average minimum wage recipient is a woman aged 35 years working in a part-time or casual job.
More than 20 per cent of the country's workers (2.7 million) are paid minimum award rates and only 0.7 per cent (180,000) earn the national minimum wage, which is the lowest rate. Mr Harrison said the increase won't completely alleviate the cost of living pressures he faces, but it would provide "a bit more comfort".
That's the conclusion of a new living cost analysis by Anglicare Australia, which points to people on the lowest incomes falling behind. The report showed a single full-time minimum wage worker has $57 left after essential weekly expenses.
Average Australian Salaries in 2023
A taxable income that was $131,501 or higher was within the top 10% of earners in Australia last year. About 5% of taxpayers had incomes above $180,000. Someone who earned more than $253,066 was in the top 1%.
So if you're on $100k or more, congratulations, you're in the top 20% of Aussie income earners. If not, don't worry, you're in the good company of 80% of Aussies.
About 5 per cent of taxpayers had incomes above $180,000. The data, which covers the 11.39 million-strong taxpaying population, is presented in percentiles. For example, a person in the 10th percentile earns more than 10 per cent of workers, while a person at the 90th percentile earns more than 90 per cent of workers.
“The objective of the national minimum wage is set out in the Fair Work Act, and it must take into account the performance of the national economy (including inflation), promoting social inclusion through increased workforce participation and the relative living standards and needs of the low paid,” says Chris Hill, ...
Lithuania. Officially the Republic of Lithuania, the country's minimum wage increased from 730 euros ($800) in 2022 to 840 euros ($921) in 2023, and it has a minimum hourly wage of $5.63 as of now. It is one of the countries with highest minimum wage in the world.
Luxembourg. Luxembourg offers the highest minimum wage of any country worldwide at US$3,169 (EUR 2,936) per month for skilled talent over the age of 18.
A living wage is calculated as 60% of the Median Full-Time Adult Wage in Australia. The median is a measure of the midpoint. In Australia, a Living Wage is $27 per hour.
According to their analysis, an employed single adult currently needs A$597 per week (before tax, and including housing costs) to live healthily. A couple with two young children needs almost twice as much: A$1,173. The national minimum wage is currently A$695 for a full-time worker.
12,049,397 people living in Australia in 2021 were employed, of which 59% worked full-time and 33% part-time. Australia's employment statistics are an important indicator of socio-economic status.
Overall, 12.5% of the population earned a high income, and 32.0% earned a low income, compared with 14.0% and 31.5% respectively for Greater Capital Cities.
Key statistics
employment increased to 14,045,800. employment to population ratio remained at 64.5%. underemployment rate increased to 6.4%. monthly hours worked increased to 1,956 million.
Sudan. The minimum wage in Sudan is the lowest in the world, at SDG425 ($0.71) per month.
Minimum Wages in China is expected to reach 2590.00 CNY/Month by the end of 2023, according to Trading Economics global macro models and analysts expectations. In the long-term, the China Minimum Monthly Wages is projected to trend around 2650.00 CNY/Month in 2024, according to our econometric models.
The new national minimum wage will be $23.23 per hour, and $882.80 per week, based on a 38-hour week.
Australia Jobless Rate Unchanged at 3.5%
The number of unemployed individuals fell by 10.9 thousand to 504.4 thousand, with those seeking full-time jobs declining by 22.1 thousand to 328 thousand while those looking for part-time jobs increased by 11.3 thousand to 176.4 thousand.
The average month salary in Australia is $92,388 per year or $47.38 per hour. Entry-level positions start at $70,000 per year, while most experienced workers make up to $142,418 per year.
The amount of money it takes to make it into the top 1 per cent of the wealthiest Australians has doubled to $8.25 million since 2021, according to a new report. The increase means the amount of money you need to be part of Australia's top echelon of wealth ($US5.
The Australian middle class has a median household income of AUD$80,000. This statistic is a key indicator of the financial health of the Australian middle class.
The richest 10 per cent of Aussies have an average net worth of $6.1 million and account for 46 per cent of total wealth. In contrast, the bottom 60 per cent had an average of $376,000 per household, or just 17 per cent of the total. This may be the lucky country, but it appears it's only lucky for some.