Labor's pledge to introduce a "living wage" could make Australia's minimum income the highest in world, an analysis of OECD data reveals.

The figures come a day after Opposition Leader Bill Shorten pledged to update Australia's workplace laws to allow the Fair Work Commission to set the minimum wage at a level that would ensure no full-time worker lives in poverty, as demanded by the union movement.

The Australian Council of Trade Union wants this figure to be set at 60 per cent of the median full-time wage - or $852 a week - within two years, with an initial 6 per cent jump of $43 a week to $762.20 this year for the 2.23 million Australian workers on minimum or award wages.

If Labor succeeds in securing an $852-a-week "living wage", Australia could overtake France and Luxembourg to become the nation with the highest minimum wage. It is currently ranked third based on the latest OECD data, which is adjusted for purchasing power.