Prices for goods imported into Australia are expected to rise after port terminal operator DP World ended months of industrial action by agreeing to a 23% pay rise over four years, one of the most generous agreements under the Labor government.

According to the Financial Review, the Maritime Union of Australia reached the in-principle four-year agreement with DP World on the evening of February 1, following two weeks of intense bargaining facilitated by the Fair Work Commission, where the union is understood to have accepted 24/7 workplace rosters.

The record pay rise came as DP World imposed its biggest hikes yet to terminal access charges. First flagged in November 2023, increases in fees will come for trucks and trains dropping off or collecting containers, by 52% for exports in Melbourne and 25% for imports in Sydney.

Container Transport Alliance Australia director Neil Chambers said the raised costs would ultimately be passed on to Australian consumers.

Australian Industry Group chief executive Innes Willox said the end of four months of industrial action was welcome, but it came “at a long-term cost for industry and consumers.”