As of 1 July, Australia’s minimum wage will be lifted by $1.05 an hour to $21.38 an hour following a decision from the Fair Work Commission. That represents a 5.2% increase in the incomes of more than 2.7 million Aussie workers, putting the $40/week wage lift slightly above the current inflation rate of 5.1%. The move was welcomed by the unions and PM Anthony Albanese, who made the issue a central part of his election campaign. But business groups have warned that the increase – expected to cost $7.9 billion over the next year – could put businesses under more stress. As cost of living pressures continue to ramp up and with the Reserve Bank forecasting inflation to hit 7%, critics say workers’ real wages are set to go backwards during the coming year.