As businesses plan their budgets for the new financial year, estimating payroll costs is essential. This year, we are fortunate to have received an early announcement from the Fair Work Commission regarding their decision on the annual Minimum Wage Review. This early insight will allow businesses to better forecast their wage costs for the next twelve months and make more informed decisions.
Announcement:
We share important updates recently announced by the Fair Work Commission that will directly impact your workforce. Starting from the first full pay period on or after 1 July 2024, significant changes are coming:
- Weekly Rate:
The new national minimum wage will be $915.90 per week, providing a substantial $33.10 weekly increase. - Hourly Rate:
Casual employees will now earn $30.125 per hour.
Why This Matters:
Cost of Living Relief:
We understand the financial pressures faced by workers across the state. These adjustments aim to alleviate some of those challenges.
Wages Growth:
Despite recent fluctuations, this increase aligns with forecasted wages growth across the economy.
- Superannuation Boost:
Remember that the superannuation guarantee contribution amount will rise to 11.5% from 1 July 2024 and continues to increase annually until it reaches 12% on 1 July 2025.
| Income year | SG rate |
| 2023-24 | 11% |
| 2024-25 | 11.5% |
| 2025-26 and onwards | 12% |
- Payroll Tax Free Threshold Increase:
Eligible employers now have greater flexibility in managing their payroll tax obligations. If your Australian wages fall below the new threshold, you’ll benefit from these adjustments.
As you manage your workforce, keep these changes in mind. If you have any questions or need further guidance, feel free to reach out to our friendly team at Blaze Staffing Solutions.
Related Blogs
Read news and insights into a variety of industries
Who Holds the Risk? Why Workforce Management Needs More Than Just ‘Good Enough’ Support
Managing a workforce is no small task. If you’re an Operations Manager, Production Manager, or Business Owner, you already know: when something goes wrong with your staff, the liability ultimately sits with you. In Australia, under Work Health and Safety (WHS) laws, employers (and host businesses using labour hire workers) have significant obligations to ensure…
Want More Shifts? Here’s How to Become a Recruiter’s Go-To Candidate
If you’re a casual worker looking to pick up more shifts, get first call-ups, or lock in ongoing assignments, here’s some good news: it’s not always about having the most experience. In fact, recruiters often value attitude, reliability, and flexibility just as much- sometimes even more. So, how do you stand out in a…
Meeting FSANZ & GMP Standards starts with the right workforce.
In highly regulated industries such as food manufacturing, bakery production, and pharmaceuticals, compliance is not just a box-ticking exercise -it’s an operational imperative. Whether you’re producing baked goods for retail shelves or compounding medicines in sterile facilities, strict adherence to food and safety standards is essential. In Australia, these standards are governed primarily by…
The Compliance Checklist – Upcoming Changes Affecting Small Business Compliance
Upcoming Changes Affecting Australian Businesses in 2025 & Beyond As Australian businesses navigate a rapidly evolving regulatory landscape, staying informed and compliant is more critical than ever. A series of legislative changes are set to impact businesses in 2025 and beyond, covering tax, employment law, and superannuation. Partnering with a knowledgeable staffing agency like Blaze…
DIY Hiring vs Recruitment
Sources: https://www.linkedin.com/pulse/top-recruitment-agency-statistics-you-should-know-adoffshore-ionje/ https://flair.hr/en/blog/hiring-statistics/ https://www.ibisworld.com/au/industry/employment-recruiting-agencies/1463/ https://workstaff.app/blog/staffing-industry-statistics
How Temporary-to-Permanent Staffing could save your business time and money.
In a competitive business environment, finding and retaining the right talent is a challenge that many companies face. While traditional hiring processes can be time-consuming, temporary-to-permanent (temp-to-perm) staffing offers a strategic alternative that provides flexibility, cost savings, and may ensure a better long-term fit. Rather than independently searching for the “perfect candidate” through a lengthy hiring…