How to approach the end of financial year with less stress
Five practical tips to support you and your small business to make EOFY less stressful.
The Fair Work Commission has announced an increase to the minimum wage and award rates across Australia. This decision will impact around a quarter of the Australian workforce and approximately 260,000 small and family-owned businesses who pay minimum and award wages.
The new National Minimum Wage will change from $21.38 to $23.23 per hour or $882.80 per week, equivalent to an additional $80.20 each week (based on a 38-hour week). New award rates will vary depending on industry, you can check the Fair Work Ombudsman’s website to find the award rates for your employees. Small business owners will have to adjust pay runs for the first full pay period on or after 1 July 2023.
This increase will benefit many low paid workers who have been facing financial hardship due to cost of living pressures. The increase is likely to reduce stress and therefore improve staff mental health and morale.
But this wage increase will also have an impact on the bottom line of your small business at an already stressful time of high inflation and increased overheads. It’s important that you look after your mental health and wellbeing while you navigate how you will respond to this increase to payroll expenses:
