The paper "The Role of the Fair Work Commission in Regulating the Australian Labour Market" is a wonderful example of an assignment on macro and microeconomics. The importance of the Fair Work Commission in regulating the Australian labor market lies in its official responsibilities. These responsibilities were derived from the functions of two former commissions as follows: the Australian Fair Pay Commission with its functions of regulating minimum pay standards for workers and the Australian Industrial Relations Commission with its responsibilities of award modernization programs in the Australian workplace. The first way in which the Fair Work Commission plays a role in regulating the Australian labor market lies in the fact that the commission provides a safety net of minimum conditions for workers in Australia (Fair Work Commission, 2013).
These conditions include different aspects of the welfare of workers such as minimum pay, awards, and hours at work. According to the National Employment Standards, all workers in Australia are entitled to a number of minimum conditions at their places of work (Fair Work Commission, 2013). These minimum conditions cover different aspects of the conditions of workers as follows: minimum hours of work per week; requests for flexible working arrangements by the workers; all types of leaves including parental, long service and annual; notice of termination and pay for redundancy; and lastly, provision of fair work information statements (Fair Work Commission, 2013).
Since these are the minimum conditions that all employers in Australia should adhere to when relating to their employees, it is the duty of the Fair Work Commission to ensure that these standards are adhered to across the country.
This way, the commission plays a key role in regulating the labor market in Australia by ensuring that minimum standards for employees are provided by the National Employment Standards are adhered to across the country. The second way in which the Fair Work Commission plays a role in regulating the labor environment in Australia arises in its responsibility of facilitating good faith bargaining and the making of enterprise agreements between workers and employers (Fair Work Commission, 2013).
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