Evaluating Labour Market Outcomes in Australia (HSC SSCE Economics): Flashcards

Hybrid - market forces + institutional protections

$ext{Nominal wage growth} - ext{Inflation}$

2.1% per year

0.6% per year

Highest in the OECD

Cycle: high prices → wage demands → costs → prices repeat

3.7%

7.8%

-4.1% (wages grew less than inflation)

Around 60%