Australia's minimum and award wage increase to impact 260,000 small businesses
Approximately 260,000 small business owners will need to make payroll adjustments due to an increase to minimum and award wages from 1 July 2023.
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) recently released their Small Business Matters report detailing some of the current trends in small business.
Small businesses are the lifeblood of the Australian economy, making up 98% of all businesses and employing 42% of the private sector workforce. Some key statistics presented in the report include:
ASBFEO has also created a short animation, ‘If Australia had 100 businesses…’ visualising key characteristics of Australian small business.
Approximately 260,000 small business owners will need to make payroll adjustments due to an increase to minimum and award wages from 1 July 2023.
From December 2023, the Australian Human Rights Commission will have new powers to investigate and enforce ‘the positive duty’. This means that they can investigate small business owners that are not taking proactive steps to prevent sexual harassment and discrimination in the workplace.
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