Domino's Pizza Enterprises Ltd (DMP.AU) saw its stock plummet 6.14% intraday on Tuesday.

The decline came after the Australian Fair Work Commission announced a 4.75% increase in the minimum wage for workers starting in July. The wage hike is expected to raise labor costs for companies like Domino's that employ minimum wage workers, potentially squeezing profit margins.

The commission also noted that monetary policy tightening would slow the economy, adding to concerns about future consumer spending and business performance in the retail and food service sectors.