Wages in Australia are currently determined by the interaction of demand and supply of labour in the labour markets. The wage rate is the equilibrium of demand and supply of labour. At the point, the amount of labour supplied is equal to the amount of labour demanded. If the real wage rate is above this point, then there is excess supply of labour, thus causing unemployment. The unemployed people would then be willing to work …showed first 75 words of 1316 total…

…showed last 75 words of 1316 total…AIRC or the court to become a legally binding ruling on both parties. Apart from resolve and settle disputes between employees and employers, the AIRC also determine the minimum set of work and pay condition by setting awards. The awards serve as a safety net for employees and ensure the basic need of employees is met. In conclusion, trade unions, employer associations and the industrial tribunals play significant roles in today's dynamic Australian labour market.