In an interview with ABC Radio, Australian Prime Minister (PM) Anthony Albanese said on Friday, he would welcome lifting the minimum wage to match inflation.

Key quotes

The government submission recommended real wages for low-paid workers "do not go backwards" but added it was not suggesting wages should "across-the-board" automatically rise with inflation.

"If the Fair Work Commission makes that decision then I would welcome it, but it is an independent decision of the government. It's up to them to determine the range of factors they'll consider.”

"My values haven't changed.”

Meanwhile, the Australian Chamber of Commerce and Industry submission on Friday called for an increase in minimum and award wages of up to 4%.

Market reaction

AUD/USD is consolidating the upbeat Chinese PMIs-led gains at around 0.6725, up 0.22% on the day. The Reserve Bank of Australia (RBA) could take note of the above development when they announce their policy decision next Tuesday.