The increase in the minimum wage has sparked the usual hand-wringing about Australia being a high wage country. Those demoaning the modest 3 per cent increase in the minimum wage and wage levels more generally, suggest wage rates should be lower.
Here is a look at some minimum wage levels in other countries. I for one would never want Australia to aspire for lower wages and view the high income levels in Australia as a sign of our massive prosperity and now 23 years without a recession.
Here we go – average hourly wages rates, US$.
South Korea US$4.63
So Australian wages are high, which is a great thing. We should hope wages here stay high as it is a sign of our economic strength and prosperity.
Source: World Bank