Tamworth Business Chamber president Lia Mahony said it was a bit late for businesses to start thinking about their end of financial year checks and measures, but there are a number of things to keep on top of.

“You need to have correct finances, correct accounts, make sure bank statements are up to date,” Ms Mahony said.

The 2.4 per cent wage rise was “relatively expected”, according to the chamber president, but she didn’t think it would slug customers at the till. The minimum hourly rate for adult workers will rise from $17.29 to $17.70.

“Customers are wage earners too, and they would be earning a little bit extra,” she said.

With wages creeping up, the discussion of penalty rates raised its head again.

“A lot of discussion needs to be had, but I think a sweet spot that’s equitable for business and the worker will be found,” Ms Mahony said.

 The timing of this year’s election has also made local business put key decisions on ice with the financial new year beginning before the nation decides.

“A number of members have said projects and decisions are on hold until the end of the election,” she said.

The Fair Work Ombudsman issued a caution to employers and said wage underpayment is often traced back to bosses failing to pass on annual wage rises.

“If left unchecked for a long period, businesses can ultimately end up with a hefty back-payment bill they were not budgeting for,” Fair Work ombudsman Natalie James said.

The annual wage review also increased base rates of pay in modern awards and enterprise agreements.