Brodie Haupt, CEO and co-founder of WLTH said that the recent announcement of a 5.75 per cent increase to the national minimum wage affects one-quarter of all employees in Australia, providing some respite to Aussies grappling with the rising cost of living.

“For millions of employees, it’s a boon for being able to afford everything from groceries to loan repayments better.

“Moreover, this wage increase could boost consumer spending, and while this may be a risk factor for stimulating further inflation, it will be welcomed by Aussie consumers given the lingering repercussions of the global pandemic on our back pockets.

“Another noteworthy aspect is how this increase in minimum wage levels the playing field for borrowers. As lenders assess loan applications based on various factors, including income, the wage boost could make home loan approval more attainable for wage earners.

“While there is still much work to be done in addressing the broader issue of income inequality and wage stagnation in Australia, this minimum wage increase is an encouraging step in the right direction.”

Full Article: Dynamic Business