June 22, 2022 . 2 minutes read

Minimum wage and award minimums are set to rise July 1st

The Fair Work Commission’s annual wage review has resulted in two announcements made this week:

  • The National Minimum Wage will increase by $40 per week, (an increase of 5.2%) from 1 July 2022
  • award minimum wages will increase by 4.6%, which is subject to a minimum increase for award classifications of $40 per week and based on a 38-hour week for a full-time employee.

Costs are increasing

In July 2022, the superannuation guarantee statutory rate will rise 0.5 per cent to 10.5%.

In addition to the rising cost of labour, inflation is forecast to put upward pressure on everyday items. That will likely increase your general running costs and the price of materials. Petrol prices are up, for instance, and supply chain issues have driven up the cost of many imported products.

Time to review your pricing

Is it time to put your prices up? Ideally, your business should increase costs by a tiny amount each year, rather than by a big jump every five years, for instance. Small increases help prevent price shocks for customers, and keep your business in line with the rest of the market.

Can you also cut costs?

If you don’t think increasing your prices is an option, or you still need to make more of a change, you may need to cut back your spending. We look at your business line by line, so we can help you identify areas where you might be able to trim the fat.

Give us a call or drop us an email – we’re here to help.

    Share this article
Related Articles

NDIS 2022/23 Price Guide Released

With barely a week left in the financial year, the NDIA have just released the 2022-23 Price Guide. Most supports will see the biggest increase in pricing ...
22 June 2022 . 1 minute read

Tax Tips for Trusts

Whether you have a trust set up for investment or business purposes, there are some common elements to getting ready for the trust’s tax return. ...
17 June 2022 . 2 minutes read

Subscribe to our Newsletter!

Receive regular news and views to keep up-to-date