The paper "Submission to Fair Work Australia on Minimum Wages" is a worthy example of an assignment on macro and microeconomics. Fair Work Commission is an independent workplace relations tribunal in Australia. It is an independent statutory agency that performs both administrative and judicial roles, conducted by separate divisions. The commission started operating in 2009 when it assumed the functions of the Australian Industrial Registry, the Australian Industrial Relations Commission, the Australian Fair Pay Commission as well as some functions of the Workplace Authority (Fair Work Act, 2009). This national workplace relations tribunal was created to oversee Fair Work in the labor market with the power to make minimum wage orders, vary awards, determine unfair dismissal claims, approve agreements, and make orders on different issues to facilitate dispute resolution between employees and employers (Barnes & Lafferty, 2010). The rationale for labor policy is that all bargaining between employees and employers have to be subject to an agreement that meets particular legislated conditions.
Also, the employers must give consent to collective bargaining where most employees have expressed interest in bargaining collectively.
Fair Work Commission is empowered by the labor policy to ascertain the extent of support required for collective bargaining (Moore, 2008). Collective bargaining involves a quasi-monopoly and its implementation should be in the interest of the public interest. Australia has experienced collective bargaining induced inflationary wage increase before, especially in the mid-1970s. This had great effects on both employment and the economy. Although it is argued that wage increases under labor should be productivity-determined to avoid possible risks, it does not mean that employees are subject to exploitation by individual employers (Role & O’ Donnell, 2013).
Instead, where collective bargaining occurs in an organization it should be conducted thorough market or normal legal processes. Therefore, employees have protected ordinary contracts and the common law while employers are legally obliged to adhere to contracts including aspects of agreed wages and conditions of work.
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