Fair Work Commission Decides on Youth Wages

0:00Australian markets are holding steady this morning, as half a million young workers wait on a big call from the Fair Work Commission at 10 a.m. The decision hits junior pay rates for under 21s in retail, fast food, and pharmacy, where 18-year-olds earn just 70 percent of them. Full award, 19-year-olds 80 percent and 20-year-olds 90 percent. Adding to the mix, the Reserve Bank drops its word on surcharge payments today too, keeping investors on edge. These groups are stressing out, saying any sharp pay hikes could cramp hiring for entry-level jobs and hurt youth employment big time. Unions fire back that adults over 18, already vote, drive, and join the military without discounts, so why the wage gap at the checkout, or counter. Overnight Wall Street split ways, with a Dow up 0.1 percent to 45,215 S&P down 0.4. Senate to 6,343, and NASDAQ off 0.7 percent to 20,794.

1:03ASX 200 futures nudge up 0.1 percent to 8,500 as we eye these calls. From your city, powered by AI, this is Sydney News Today.