Just to perplex my US friends here I'd like to mention that our National Minimum Wage is just one of our regulated wages. We have hundred of award wages for different professions. We have them for clerks, bar attendants, truck drivers, scientists, farm hands and many more. I do have a problem agreeing with "I just don't agree that what constitutes an appropriate wage is best set by government. Let the employee and employer decide between them. Their individual solutions will work best for them.".
Two reasons there to cause me to disagree. Firstly it is not an even negotiating field if one party is a rich multinational, and the other is a father trying to feed his family and pay off his mortgage. Guess who gets screwed?
Second reason is that I've been an employer on a number of occasions, and have paid over the minimum Award for someone with skills in demand that I wanted to retain. However more often the situation is when I would have thought "Gee, Fred is a great bloke but his skills are a dime a dozen, should I pay him over the odds just because I like him, or should I pay the legal minimum and put the money saved aside for my kid's education, if he leaves I'll just get another?". This is ok in our system because his minimum is probably $30 an hour, but not ok if it is $7.45.
That doesn't work if your $30 an hour job gets outsourced to China for $3 an hour.