Rudd last week announced that the minimum wage for workers will be increased as of the 1 July 2010, the country’s 1, 4 million wage earners would earn $26 extra per week; this was only $ 1 below what the trade unions had been hoping for.
Justice Giudice used the argument of improving financial conditions to justify bringing the hourly pay rates above the $ 15 mark for the first time ever. The forecasts for this year and for next year give strong grounds to conclude that the increase could be awarded without being a danger to business viability, the growth in the employment levels or with adding to inflation.
They are expecting economic growth to reach 3, 25 % in the next financial year, and will possibly reach 4, 0% in the 2011/2012 financial year. The Reserve Bank is already expecting annual inflation growth to surge above its 2 to 3% tolerance zone by the middle of 2010.
The Australian Dollar headed for a weekly decline last week before a report forecast showed that the US added the most jobs last month since 1983; the US economy added 536 000 jobs last month.
AUD/ GBP: 0, 5739
AUD/ EUR: 0, 6891
AUD/ USD: 0, 8387
AUD/ JPY: 77, 5912
Exchange rates as of 13:08, 4 June 2010
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