The Fair Work Commission has handed down its annual wage review decision.

The minimum wage will increase by $40 per week — a 5.2 per cent increase.

It brings the minimum wage to $812.60 a week.

Award wages will grow by 4.6 per cent.

The Motley Fool’s Chief Investment Officer, Scott Phillips, told Sofie Formica it’s surprising to see the minimum wage raised so high.

“I think most of us were kind of thinking four-point-something would be where they’d land,” he said.

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I welcome the decision by the Fair Work Commission to lift the minimum wage by 5.2% so that Australia's low-paid workers don't go backwards, in line with the submission lodged by the @AlboMP @AustralianLabor Government. #auspol

— Jim Chalmers MP (@JEChalmers) June 15, 2022

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