The increase is in line with the expectations of economists, and sharply lower than the 5.75% increase awarded by the wages umpire a year ago. "It is not appropriate at this time to increase award wages significantly above the inflation rate," the FWC said. The decision comes after union groups asked for a rise in the basic wage of 5.0%, while business groups asked for an increase of around 2.5% to 3.0%. The increase is largely consistent with the inflation rate and so should not add to concerns that the central bank will raise interest rates further in coming months. Write to James Glynn at james.glynn@wsj.com; @JamesGlynnWSJ(END) Dow Jones NewswiresJune 02, 2024 21:21 ET (01:21 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal June 03, 2024 01:32 UTC