Highest minimum wage in the developed world
The Government has announced the minimum wage will go from $16.50 to $17.70 per hour in April. The median hourly wage is $25 an hour so this will make our minimum wage 70% of the median wage. It is highly likely at this level there will be a significant impact on jobs (not all increases in minimum wages impact jobs – the key is the ratio to the median wage).
How does this compare to other countries? Well much much higher. Other OECD countries are:
- New Zealand 70%
- France 62%
- Australia 55%
- UK 54%
- Luxembourg 53%
- Germany 48%
- Belgium 47%
- Ireland, Canada 46%
- Estonia 41%
- US 34%