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The Fair Work Commission has raised the minimum wage by 5.2%, or $40 per week, effective 1 July.

President Iain Ross said this morning that there were "key differences" in economic indicators between last year and this year, the most significant of which are the rising cost of living and the strengthening of the labour market.

"The sharp rise in inflation impacts business and workers. The cost of business inputs increases which, depending on the capacity to pass on those costs, adversely impacts profitability. Inflation erodes the real value of workers' wages and reduces their living standards. The low paid are particularly vulnerable in the context of rising inflation," he said...