Yahoo Finance Tradie’s wild $100,000 ute brag after union lands hefty pay rise
Construction workers in Victoria will get a five per cent pay increase every year for the next four years
The CFMEU has voted for a new pay deal that will increase wages by more than 20 per cent over four years. Victorian construction workers clad in hi-vis spilled out onto the street as the vote took place in Melbourne’s Festival Hall.
The deal locked in a five per cent pay increase over the next four years. Families will also be paid $9000 when a member dies under a new funeral clause.
As the workers celebrated, some were quick to make remarks about where that money would go.
“Twenty per cent pay rise over four years — there aren’t enough Ford Rangers in the country,” one member reportedly said after the decision.
RELATED
Tradies reveal huge wages as expert tells Aussies this is how to ‘retire by 50’
Dark side of Aussie tradies' $200,000 pay day: 'It's everywhere'
"First-year apprentices are going to get Raptors. God bless the CFMEU."
Kitted out Ford Ranger Raptors can go for well over $100,000.
Even used ones are listed on CarSales for $130,000.
But those apprentices might think twice if they listen to an alarm sounded by 26-year-old Brodie White.
The fly-in fly-out mine worker warned others to spend their money wisely after dropping “roughly $70,000 in the last three years on ute payments and accessories for my ute”.
“That same $70,000 could have bought me one or even two investment properties,” he said. “Now, a few years have gone by, if I were to sell my ute I’d probably only get $50,000 for it out of my $70,000 investment.”
RELATED
Tradies reveal huge wages as expert tells Aussies this is how to ‘retire by 50’
Dark side of Aussie tradies' $200,000 pay day: 'It's everywhere'
Financial adviser Helen Baker agreed, telling Yahoo Finance the depreciating asset was a risk.
“You’re paying for [the car], then you’re paying interest payments on top of it. So, you’re paying way more than what it was originally worth but it is also a depreciating asset,” Baker said.
“So, if and when you have to sell it, it is going to be worth way less than what you originally paid for it and what you paid back in interest repayments.”
Pay rises above inflation
The construction worker's new pay deal has locked in an amount above inflation.
Workers were not concerned with claims the increase could push up the cost of jobs too much.
One speaker told the event the pay rise was well-earned.
"We're out there making these pricks money," another speaker said.
"Our fair share of the pie is out there and all we do as a union is f—ing want a bit of that pie."
This was the final mass meeting before CFMEU state secretary John Setka departs later this year.
The Victorian deal falls short of the pay increase Queensland locked in earlier this year, with increases coming for the next five years.
Midwives and paramedics are still locked in negotiations with the state’s treasurer for a wage increase.