The Fair Work Commission has granted a $15.80-per-week increase in the minimum wage to $622.20 per week, or $16.37 an hour, just over half the union movement’s original $30-per-week claim.
The increase, which also sees workers on higher award levels will receive increases ranging from $18.40 to $30.20 a week, was praised by both sides of politics, but criticised by the business community.
“It is time for the unions to adopt a more progressive approach to this issue and to moderate their wage demands when changes to taxation arrangements, transfer payments and superannuation are on the agenda,” Australian Industry Group chief executive Innes Willox said.
Channel Nine has agreed to split the television rights to cricket with Network Ten in a $550 million rights deal, after signing a deal that will see it purchase key affiliate stations from Bruce Gordon’s WIN Television.
Under the deal, Nine has agreed to purchase the WIN-owned Nine affiliate station in Adelaide for $140 million, along with the option of purchasing its affiliate in Perth should the 75% broadcasting reach rule be lifted in the future.
Following the deal, Nine secured the free-to-air broadcast rights to Australian Test matches and one-day internationals, with Ten picking up the rights to the Big Bash League, while Sheffield Shield and the state one-day competition going untelevised.
“It’s been a long and sometimes difficult and complex process and I pay tribute to Bruce Gordon and his team at WIN for really stepping up to the plate, not only on the sale of its major stations but through our new rural affiliation deal which has enabled Nine to achieve a very substantial offset of costs,” Nine chief executive David Gyngell said.
Jobs ads have fallen to their lowest level since 2009-10 with a 2.4% seasonably adjusted fall in May, according to ANZ’s latest job ads series.
“Job advertising is declining across all states and territories, but least strongly in NSW, in keeping with a number of other indicators that suggest the NSW economy is beginning to show some improvement,” said ANZ Australian chief economist Ivan Colhoun.
“Advertising is very weak in Victoria and Tasmania, consistent with other indicators suggesting these economies are relatively underperforming at the present time.”
The Dow Jones Industrial Average is up 0.92% to 15,254.03. The Aussie dollar is up to US97.56 cents.
Andrew Sadauskas is a former journalist at SmartCompany and a former editor of TechCompany.
