COSBOA, or the Council of Small Business of Australia, has given a warning that the upcoming minimum wage increase will definitely hurt small businesses.
Fair Work Australia has lifted the minimum wage from $569.90 to $589.30 per week last Friday (3rd June). The increase of $19.40 per week has come midway between the union’s call for a $28-rise per week and the business bodies’ call of a $10 increase. COSBOA is among the business bodies.
According to COSBOA executive director Peter Strong, the ruling is a pay decrease for small businesses even if employees are a getting a pay increase.
“People need more money and we understand that, but small businesses don't get a lot of money,” said Strong. “At the moment, small business is a lot of hard work. We're just here to make a living and it impacts on small business owners' family income,” he added.
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