ipl-logo

Essay On Minimum Wage In Australia

1114 Words5 Pages

The recent sharp increase in inflation in Australia has resulted in many families being deprived of necessities such as food, water and amenities. This is a direct consequence of the low minimum salaries set by the Australian Federal Government. While some may argue that changing the minimum wage would force businesses not to be interested in the Australian market and move their operations ‘offshore’, this is quite simply untrue. An increase in the Federal minimum wage would inject more money into the economy and businesses would benefit significantly, therefore, reducing inflation. Increasing Australia’s minimum by 5% would counter inflation and the exponentially rising living costs for all low-paid Australians.

The national minimum wage …show more content…

When low-paid workers have more money in their pockets, they are more likely to spend it on goods and services. This increased spending can stimulate demand for discretionary items and therefore create more jobs. The current labour market is strong enough that a pay increase would not have a significant adverse effect on the economy. It could have a positive effect by increasing consumer spending and boosting economic growth. According to a report by the Centre for Future Work at the Australia Institute, increasing the minimum wage to $25 per hour would boost the Gross Domestic Product (GDP) by $4.5 billion and create 30,000 new jobs. Therefore, increasing the minimum wage would help reduce income inequality and poverty, boost consumer spending and economic growth, and provide much-needed relief for low-paid workers struggling with the rising cost of …show more content…

By increasing the minimum wage, low-paid workers would be able to afford better-quality food, housing, and healthcare. This would help to improve their physical and mental health and reduce poverty rates. Additionally, increasing the minimum wage would help to reduce financial stress for low-paid workers and their families. This would help to improve their quality of life and reduce poverty rates. Overall, increasing Australia’s Federal minimum wage is an important step towards improving the lives of low-paid workers and their

Show More
Related
131 Words | 1 Pages

Raising the minimum wage isn 't entirely beneficial. It could potentially lead to more unemployment as some businesses may reduce their number of employees or reduce their hours in order to offset the cost of paying a higher minimum wage. Some may also increase the prices of products or services offered. It can also possibly lead to a decreased interest in college education since minimum wage jobs are paid almost the same or can be more than what jobs requiring college education pay.

Read More
1993 Words | 8 Pages

Minimum wage would raise the wages of many workers and increment benefits what disadvantaged workers. An estimated 6.9 million workers would receive an incrementation in their hourly wage if the minimum rage were raised to $10.15 by 2015. Due to the spill over effect the 10.5 million workers earning up to a dollar above minimum wage would withal be liable to benefit from an incrementation. Women are the most astronomically immense group of beneficiaries from a minimum wage increase. Sixty percent of workers who would benefit from an incrementation are women.

Read More
733 Words | 3 Pages

A minimum wage increase from “$7.25 to $10.10 would result in a loss of 500,000 jobs”. ("The Effects of Minimum-Wage Increase on Employment and Family Income”) This claim is better because it shows how raising the minimum wage will decrease job growth instead of increasing it. But, the minimum wage should be increased because increasing will also increase economic activity and spur job growth, decrease poverty, and improvements in productivity and economic growth have outpaced increases in the minimum

Read More
993 Words | 4 Pages

The federal minimum wage should be increased because it would decrease poverty rates, stimulate the economy, and inflation has surpassed current wages. A raise in the federal minimum wage would help pull millions of Americans out of poverty. Currently, there are over forty-three million Americans who live beneath the poverty line (“Should We Raise”). Of those in poverty, many are trying to support themselves, as well as their families, while living off of a minimum wage job.

Read More
579 Words | 3 Pages

The increase of minimum wage would benefit more than just workers it would have a positive impact on women and their families. This would benefit women because in the United States women tend to earn less than men. In 2015 full-time female workers made seventy nine cents for every dollar earned by men. Raising minimum wage would also help provide for their children.

Read More
1900 Words | 8 Pages

It would make the united states a better place it would reduce crime and poverty the lives of many would change children would have a chance at education and wouldn’t be put at risk of doing bad things cause their parents don’t have enough money to put them through school and things like employees not always wanting to look for a better job would be eliminated the whole idea of America becoming a better place would become achieved. It all just starts with the raising of minimum wage and its just a domino effect once the parents have enough money to pay the bill and put some aside the kids live happy and once the kids are happy the employee/ the parent is happy and once that happens the employee become more productive and when the employees are more productive the business becomes more successful and when the business becomes more successful and expands they are going to need more employees and when they need more employees there are more jobs so in the end raising the minimum wage would make the United states a better place better as a

Read More
679 Words | 3 Pages

To begin with, the federal minimum wage should be raised because it would increase jobs and economic activity. Economists from the Federal Reserve Bank of Chicago believe that raising the minimum wage to $9 an hour would increase household spending by 48 million dollars. Increasing the amount of household spending would help the economy by injecting more money in the economy. In addition raising the minimum wage to $10.10 an hour would create 85,000 more jobs for the United States. Creating new jobs would help the economy because people would have more money to spend which would increase the economy.

Read More
598 Words | 3 Pages

This would make it where people wouldn 't have to live paycheck to paycheck. Raising the wage slightly would also make it so the price of goods wouldn 't have to be raised. The Economic Policy Institute stated that a minimum wage increase from the current rate of $7.25 an hour to $10.10 would inject $22.1 billion net into the economy and create about 85,000 new jobs over a three-year phase-in period. This raise increase would be easy to implement and would help the economy. By implementing this new minimum wage many problems in America can be solved.

Read More
1068 Words | 5 Pages

Introduction A crucial component of American labor policy has been the minimum wage for nearly eight decades (Maverick, 2024). Throughout its history, the economic consequences of this have generated enthusiastic discussions. In this essay, I aim to examine the complex economic effects of the minimum wage in the United States, while weighing its benefits and drawbacks. This essay tries to look at the subtle differences between the arguments on both sides of the issue, which is something that should be acknowledged. Historical Content Political conflicts and labor movements have influenced the federal minimum

Read More
346 Words | 2 Pages

Why not give the people more ? Minimum wage is a constant conversation in America. The current state of this controversial conversion in America is raising the current minimum wage, which are 7.25. As of today, 1.7 million Americans are living off minimum wage every year. These people are all living under the poverty line.

Read More
551 Words | 3 Pages

Various arguments that have been put across for why the minimum wage should be increased will be explored. The research will provide an introduction to the issue with some historical background as well as the current dynamics surrounding the issue. After which, the direction of the paper will drive towards proving that the minimum wage should be increased by exploiting researched facts as well as evidence-based arguments that have been put forward by various experts concerning the issue. The paper will not include opposition arguments but it will focus on presenting a strong case as to why the wage should be increased as opposed to why it should not be increased or rather counter-arguing the facts presented by the other divide of the subject matter at hand. The research will use figures, numbers as well as other facts about the topic from previous research to build the case for increasing the

Read More
670 Words | 3 Pages

In conclusion, a federal minimum wage increase will significantly improve the standard of living of low-wage workers. To meet their basic needs, workers must be given a living wage. It is not only morally correct to do so, but also beneficiary to both ends. The increase in wages allows for a more supportable income, but it also stimulates the economy.

Read More
946 Words | 4 Pages

Recently, increasing the minimum wage seems to be the solution constantly talked about publicly. Proponents of an increase in the federal minimum wage believe raising the minimum wage to 15 dollars an hour would lead to less people living at poverty level. This idea would certainly help millions of Americans and allow for families to better support their children by allowing for greater stability and spending power within the economy. The only problem with an increase in minimum wage is that it doesn’t affect those who cannot find gainful employment. Furthermore, it increases the possibility that some businesses would pay below the minimum wage “under the table” which is illegal, but still common in many industries and jobs on the lower end of the economy.

Read More
607 Words | 3 Pages

There are a lot of potential benefits for an increase in minimum wage and on the surface it’s hard to see why you wouldn’t want to increase the wage. One of the clearest to see is that an increase to the minimum wage will also increase the spending for each household during the following years. So it works to help stimulate the economy in whatever area you increase the minimum wage. Along those same lines increasing the minimum wage will lead to a decrease in poverty as well. With the decrease in poverty you will also see a decrease in government spending on welfare items because the individuals receiving the higher wage in theory will be able to pay for these services/welfare items without assistance.

Read More
704 Words | 3 Pages

Many argue that an increase in minimum wage will help guide low skilled workers out of poverty and assist them into having a better career. That is not necessarily true, Many economists can agree that minimum wage jobs such as cashiers, host or a hostess are not jobs that meant to support a family. If anything by raising the minimum wage, it will put more people in poverty than guide them out of poverty. A raise in minimum wage will cause loss of jobs, an increase in the inflation rate, increase in

Read More

More about Essay On Minimum Wage In Australia

Related Topics

Open Document