The paper "Australian Economic Institution and Performance" is an engrossing example of coursework on macro and microeconomics. The Australian economy has been characteristically evolutionary in nature and has undergone rapid and significant events that have continuously changed the direction, composition, and dynamics of the economy. Although the Australian economy is a market-based type, the Australian economic development does not reflect the competitive market of the neo-classical standards of an open economy. However, it has been constricted by the institutional and social policies which have been challenged by the emerging growth and economic complexities over time (Arup, 2006).
The historical aspects of the Australian economy are understood from the economic institution's context which has been the key combining factor of national economic development over the past decades. Being an open economy, the role of the commonwealth institutions and their infrastructural regulations have been among the key performance indicators for national growth. In addition, the policies adopted for the national competition and the role of the Australian competition and consumer Commission have greatly added to the growth margin of the Australian economy (Hor, & Keats, 2009).
This paper seeks to discuss and analyze the roles of the Fair Work Commission in regulating the Australian labor market, discuss the role of commonwealth institutions, and the importance of the national competition since 1995. Finally, the paper will discuss the role of the Australian Competition and Consumer Commission. Role of the Fair Work Commission in Regulating the Australian Labor Market The most important components of the labor market are the employees, the employers, and the government. The relationship between these three components of the labor market can be best explained through industrial relations.
In Australia, the relationship and the interaction between different components of the labor market, employees and employers, government agencies (interventions), and tribunals are discussed under the Fair Work Commission (Hor, & Keats, 2009). The Fair Work Commission is an industrial relations tribunal that was created in 2009 to solve and serve different labor issues in the Australian labor market.
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