Australia's independent wage-setting body on Tuesday raised the national minimum wage by 3.5%, effective July 1, amid easing inflation. The minimum rate will rise to A$24.94 ($16.19) per hour for about a fifth of the Australian workforce, the Fair Work Commission (FWC) said in its annual review. This represents a real wage increase for approximately 2.6 million workers on the minimum wage. Headline consumer price inflation held at 2.4% in the first quarter, comfortably within the Reserve Bank of Australia's target band of 2% to 3%, and down from the 7.8% peak in late 2022. Meanwhile, the unemployment rate remained at 4.1% in April 2025. "The Reserve Bank's assessment that inflation has sustainably returned to its target range ... indicates that this inflationary episode is now over," FWC President Adam Hatcher said.