Did you know, Deputy Speaker Archer, that 2.6 million low-paid workers have now received their third consecutive pay rise since the Albanese government came to office? This means an hourly average increase of $5.30 for all full-time award workers. That's an extra $200 a week or $10,400 a year, before tax. Significantly, we've seen a $3.77 per hour increase to the minimum wage. All in all, our government's decision to advocate on behalf of low-paid workers in three consecutive Fair Work Commission annual wage reviews has delivered astounding results. For a full-time minimum wage worker, that's an extra $143 a week or $7,451 a year, before tax. A full-time minimum wage worker's annual salary has gone from $40,175 to $47,627 in just over two years. This is part of our government's plan to ensure that people earn more and keep more of what they earn.
We've delivered these wage increases while keeping unemployment at record lows, and we're delivering much-needed cost-of-living support without impacting inflation. We know that people throughout our communities are under pressure, and pay rises are a tangible way that government is helping. Just imagine how catastrophic the cost of living would be if those opposite had blocked our tax cuts or these pay rises. It took the coalition an entire wasted decade in office to lift the minimum wage by as much as we have in our first term—in just our first two years of government. That's because the previous coalition government never argued for a rise to the minimum wage. They wanted to keep wages low. It's in their DNA. The fact of the matter is that the Leader of the Opposition wants Australians to work longer for less. In contrast, Labor wants workers to earn more and keep more of what they earn. The Fair Work Commission's decision to increase wages for low-paid workers and, in particular, for women working in feminised sectors, including aged care and early learning, was a direct result of advocacy by the Albanese Labor government.
Our approach to workforce relations is delivering incredible results, with nearly half a million more workers covered by enterprise agreements. Contrary to the coalition's scare campaign, the Albanese government's secure jobs, better pay laws are helping to fix the bargaining system. For example, the Fair Work Commission approved 1,022 enterprise agreements in the first quarter of 2024. Agreements approved in the March quarter of 2024 covered more than 364,000 employees, the highest number of employees covered by newly approved agreements in more than a decade. We had 2.14 million people covered by current enterprise agreements in the March quarter of 2024, around 480,000 more people than when we came to office, despite the coalition's fearmongering, saying our laws would close down Australia.
However, things are different. We are open for business. Workers have received a pay rise, taxpayers have received tax cuts, parents are receiving more paid parental leave, and jobs are more secure. That is what decent enterprise agreements deliver.
We know Australians are under pressure right now, and that's why Labor is focused on helping all Australians with the cost of living. We're delivering a freeze on the cost of PBS medicines for every Australian, more funding to build more homes in every part of the country, and energy price relief for small businesses and every single household. We're supporting students with fee-free TAFE and HECS relief, and we've secured the biggest investment ever in expanding bulk-billing.
For small business, our government is delivering $641 million in targeted supports as part of this year's budget. This includes a further targeted 12 months of the $20,000 instant asset relief and $10 million to provide additional support for small business. This is part of our plan to provide more support for small-business owners as we continue to secure better wages for workers. In closing, I'm proud to be a member of the Albanese Labor government, a government that's committed to supporting workers with better wages, better conditions and a better future.
