Australia's New PM Proposes Faster-Than-Inflation Wage Gains.

Snail-paced pay gains had been the biggest reason for the Reserve Bank of Australia to hold interest rates at a record low of 0.1% until last month when it hiked earlier than expected to 0.35%, citing anecdotal evidence of higher labor costs. Albanese said an increase in minimum wages would also complement his government's effort to help close the national gender pay gap of 22.8%. [Extracted from the article]