Changes Business Owners Need to Be Across for the 2026 Financial Year
It’s a BIG news day.
If you are an employer, there are a number of changes coming that you need to be aware of as we head into the start of the 2026 financial year.
1. Change to Minimum Wage
Today the Fair Work Commission has announced a 3.5% increase to the national minimum wage.
This raises the minimum hourly rate from $24.10 to $24.94, translating to a weekly increase of approximately $32. This brings the total minimum wage on a week to week basis to $947.96 for full-time workers.
Coming into effect from 1 July 2025, the change will impact various sectors, including retail, hospitality, healthcare, and social services.
2. Increase to Super Guarantee Rate
In addition to the increases to the minimum wage, the government has increased the Super Guarantee Rate from 11.5% to 12%. This is also effective from 1 July 2025 - and this date is really coming up quite quickly.
Here’s How to get Prepared
Review your payroll systems to ensure compliance with the new wage rates and superannuation from 1 July 2025.
Ensure that you understand the total increase in cost to the business. An increase in your costs will reduce your profit.
Review your current pricing structure. With these increases, it will likely mean your prices and/or sales will have to increase in order to ensure that you maintain your profit.
NOTE: It’s important to think about what increase the market will tolerate – does it apply to all sales lines or just some? And then you need to consider how you will communicate any changes to your customers.
If you need help getting clear on how this wage increase will affect your business or for assistance with payroll adjustments - get in touch with your accountant.
Our fees are structured as such so that you can ask the questions you need to, without any extra (sneaky) bills being sent your way.
