CFMEU Manufacturing Division Applauds Historic Pay Increases for Workers in New Collective Agreements
April 5, 2024
The CFMEU Manufacturing Division celebrates the latest figures from the Department of Employment and Workplace Relations, revealing that the December 2023 quarter saw average pay rises for workers under new collective agreements soar to a 15-year high of 4.3%.
This significant leap in wage growth is marking a new era for Australian workers. The Secure Jobs Better Pay reforms have led to an additional 227,000 workers being covered by collective agreements, with total coverage now extending to 2 million workers, or 16.7 percent of the workforce. This is an increase from 15.2 percent in December 2022 and signifies a monumental shift towards more equitable worker compensation.
The reported 4.3 percent increase is the most substantial quarterly average pay rise for workers entering into new collective agreements since 2009, notably surpassing the 3.0 percent average increase observed in December 2022.
Despite these wage increases, recent ABS data indicate a slowdown in inflation, from 7.8 percent in the year ending December 2022 to 4.1 percent by December 2023, showcasing the potential for wage growth without adverse inflationary effects.
Quotes attributed to National Secretary of Manufacturing Division, Michael O'Connor:
"Seeing wages rise at this unprecedented rate is a victory for collective action and negotiation. This is not just about numbers; it's about the real-life impact on workers and their families, providing them with greater security and a better standard of living."
"This historic increase in wages under new collective agreements shows the power of union membership and collective bargaining. It proves that when workers stand together, they can achieve fair pay and conditions.”
These developments reflect a positive trend towards more sustainable wage growth and a more equitable workforce, reinforcing the critical role of collective bargaining in achieving fair compensation for all workers.