What is the minimum wage in Australia?
The Australian minimum wage sets the benchmark for fair compensation. As of 1 July 2024, it stands at $24.10 per hour (see Fair Work Ombudsman). This rate forms the base, but specific industries and roles often have their own prescribed minimums known as award rates.
Remember to keep track of updates to pay rates. The minimum wage rate is reviewed annually.
What are award rates?
Award rates are industry-specific minimum wage standards, established by the Fair Work Commission. These rates vary based on the type of work, industry and level of experience. They ensure that employees receive fair compensation for their roles, promoting equity across diverse sectors.
Where can I find award rates for my business?
Great question. The Fair Work Ombudsman website is your go-to resource. They offer a user-friendly tool where you input job roles and industries to access the correct awards rates.
Save it as a favourite in your web browser so you can stay up to date with award wages in your sector.
Set up a business savings account for wages
We talk about this a lot, but opening separate business savings accounts for specific purposes helps you manage your cashflow and meet your business’s obligations.
Open a business savings account dedicated to wages and set up a recurring payment from your business transaction account. This way, you can be confident in having enough money for your upcoming pay cycle.
A Business+ Saver comes with no monthly account keeping fees so you can open as many as you like. A competitive interest rate also helps you grow your balance in between pay periods.
We know we’re talking awards and wages here, but opening a business savings account for your tax commitments is also a smart move.
The wrap-up
As a small business owner, understanding award pay rates should be a priority. It’s not just about following regulations; it’s about nurturing a fair workplace and ensuring financial stability for your team.
Remember, the minimum wage serves as a foundation, but award rates fine-tune compensation based on industry specifics. Use resources like the Fair Work Ombudsman’s website to stay updated and in your employees’ good books.
Lastly, consider setting up a dedicated business savings account. It’s a simple and effective way to manage pay cycles.
When you look after your workers with fair wages, they’re more likely to remain loyal to you and your small business. And a team that works well together is destined for big things.
Remember to check out our Business Hub. You’ll find heaps of free resources and plenty of helpful information to keep your business humming.
