Earlier this month, the Fair Work Commission increased both the minimum and award wages by 3.75 per cent, taking effect from July 1. Businesses will have to absorb this increase - with less than a month to prepare - while continuing to battle rising costs in utilities, fuel, production costs and more in a tough economic environment. On the flip side, Australian Federal politicians were also awarded a 3.5% pay rise, with our Prime Minister Anthony Albanese set to take home an extra $20,542 a year.