PART 3: MINIMUM WAGE RATE Australia's Fair Work Commission reviews and sets minimum wages for employees in the national system each year. The review usually takes place from March to June each year, and the decision and order usually come into operation on 1 July of the following financial year after a nationwide announcement and media release on the decision. Fair Work Commission previously implemented a 5.2 percent increase in minimum wage rate for the period from 1 July 2022 to 30 June 2023. On 28 June 2023, Fair Work Commission in Australia announced its formal decision to increase Australian minimum wage by 5.75 percent for the period from 1 July 2023 to 30 June 2024. Prior to this Fair Work Commissions decision on the minimum wage rate for the period from 1 July 2023 to 30 June 2024, ANZ Bank forecasted the minimum wage rate increase and national peak bodies voiced their opinion on their desired increase for Australias minimum wage rate: ANZ Bank forecasted 7 percent increase in minimum wage rate for the period from 1 July 2023 to 30 June 2024; In March 2023, the Australian Council of Trade Unions (ACTU) called for an increase of 7 percent in minimum wage rate for the period from 1 July 2023 to 30 June 2024; In March 2023, the Australian Chamber of Commerce and Industry urged for no higher than 4 percent increase in minimum wage rate for the period from 1 July 2023 to 30 June 2024. Questions 3.1 Using a diagram, explain and illustrate the economic impact of this increase of 5.75 percent in the minimum wage rate on the Australian labour market for the period from 1 July 2023 to 30 June 2024. [Note: Your group must draw a diagram showing demand and supply curves of labour in Australia to illustrate and discuss the economic impact of this 5.75 percent increase for 1 July 2023 to 30 June 2024. Evaluation and discussion must refer to this drawn diagram for comparative statics]. 3.2 Assuming Australias inflation in 2023-2024 rose by 7 percent, evaluate and explain the impact on real wages if Fair Work Commission made a different decision for 1 July 2023 to 30 June 2024 and implement an increase in minimum wage rate of: (i) 4 percent (ii) 7 percent (iii) 9 percent