The Woolies boss has called for retail wage rises to keep up with inflation so... you first, bud?

The Aussie Retailer' Association says the minimum wage should rise next month and the Woolies CEO agrees.

What's the key learning?

'Real' wages refers to how much we actually make when you bring inflation into the picture.
If your wages stay the same while inflation increases, you have less buying power in real terms.

👉 Background: Inflation is higher than the Meta Gala staircase right now and as a result, the cost of living is skyrocketing. Just last week we found out Coles' shelf prices rose 3.3%, with Woolies prices up 2.7%.

👉 What happened: Wages haven't seen the same increase, so the Aussie Retailers' Association reckons the minimum wage should rise next month...and after a stellar quarter, the Woolies boss agrees.

👉 What else: This is significant because Woolies employs around 225,000 Aussies... Hopefully it's the start of a broader trend.

🔔 What's the key learning?

💡 Most Aussies have copped a pretty big pay-cut, without actually realising it. That's when you consider our 'real' wages - aka, our salary adjusted for inflation.

💡 Let's run the numbers: inflation increased by 5.1% for the March quarter. For the average Australian with a salary of around 68K per year, you'd need a $3,400 salary increase every year just to match the inflation in living costs 🤯.

💡 If your wages stay the same, you're earning less in real terms.

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The Woolies boss has called for retail wage rises to keep up with inflation so... you first, bud?

What's the key learning?

🔔 What's the key learning?

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