Every year a number of key employment-related figures are updated on 1 July. These figures affect various aspects of the employment lifecycle; from minimum wages, to unfair dismissal eligibility and the tax treatment of redundancy and termination payments. These updated figures are in effect now.
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National minimum wage
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The national minimum wage increased to $812.60 per week or $21.38 per hour. This is an increase of $40.00 (or 5.2%) to the current national minimum weekly rate. |
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Minimum award wage rates
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Minimum award wages increased by 4.6%, which is subject to a minimum increase for award classifications of $40 per week and based on a 38-hour week for a full-time employee. This means minimum award wages:
For certain awards in the aviation, hospitality and tourism industries set out below the increase will apply from 1 October 2022:
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High income threshold
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On 1 July 2022, the high income threshold increased from $158,500 to $162,000. The compensation cap for unfair dismissal claims increased from $79,250 to $81,000. |
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Superannuation increase
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The superannuation guarantee contribution rate increased from 10% to 10.5% to be applied to payments on or after 1 July 2022. |
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Maximum superannuation contribution base
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The maximum contribution base increased to $60,220 per quarter from 1 July 2022. |
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ETP thresholds
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The life benefit termination payment ETP cap increased to $230,000 from 1 July 2022. The death benefit termination payment ETP cap increased to $230,000 from 1 July 2022. |
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Redundancy tax threshold
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The tax free threshold increased to $11,591 for the initial year, and $5,797 for each completed year of service. |
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