JB Hi-Fi, Eagers Automotive, Lovisa, Domino's Trade Lower After Australia Hikes Minimum Wage

MT Newswires Live

06/02

JB Hi-Fi (ASX:JBH), Eagers Automotive (ASX:APE), Lovisa Holdings (ASX:LOV), and Domino's Pizza Enterprises (ASX:DMP) were all trading lower on Tuesday afternoon after the Australian Fair Work Commission's (FWC) annual wage review raised pay for workers on minimum wage.

The review gives minimum award workers a 4.75% increase to pay starting from July, with the FWC saying that Australia's monetary policy tightening will "undoubtedly slow down the economy in the year ahead."

JB Hi-Fi shares fell past 4%, Eagers Automotive and Lovisa both shed nearly 4%, and Domino's Pizza declined almost 6%.

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