On 23 February 2017, the Australian Fair Work Commission (AFWC) handed down a decision to vary certain penalty rate provisions in some awards for the hospitality, restaurant and retail industries. Workers in fast food or hospitality will have Sunday penalty rates reduced by 5 per cent this year, and 10 per cent in both 2018 and 2019 bringing the final rate down to 125 and 150 per cent respectively. Retail or pharmacy sector workers will have their take-home Sunday pay cut by 5 per cent this year, but then it will reduce by a further 15 per cent every year until 2020.
Do you believe that this decision will harm or help the Australian economy in general? Use five economic theories you have studied in this unit to justify your answer.