Finance & Fury Podcast

Welcome to Finance and Fury! The main aim of our Furious Friday editions is to clear up misconceptions. We’ve been seeing a lot of news stories lately about companies underpaying staff – 7-Eleven, hospitality businesses, celebrity chefs etc.   The incidence of this has risen over the past few years – why can’t these people just pay the legal wage? This episode may be a bit upsetting depending on what side of the coin you’re looking at…we’re talking about wage controls, that is, Minimum Wages. Are they good or bad?   What are minimum wage laws? Regulation/body of law which prohibits employers from hiring employees for less than a given wage Australian History Basic Wage since 1907, which wasn’t quite as strict as what it is now. More of a prescription, or suggestion, rather than enforced legislation. 14 December 2005, the Australian Fair Pay Commissionwas established  The Australian Fair Pay Commission was replaced by Fair Work Australiain 2010, and since then there’s been a significant rise in the minimum wa