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VICEconomicsQuick questions
Unit 4: Managing the economy
Quick questions on Labour market reform and immigration as supply-side policy (VCE Economics Unit 4)
15short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is why labour market policy matters for AS?Show answer
Labour is the largest input to production. Labour market settings affect:
What is wage determination in Australia?Show answer
The Fair Work Act 2009 set up three streams of wage-setting:
What is the Fair Work Commission?Show answer
The FWC is the national workplace relations tribunal. Functions:
What is the National Employment Standards?Show answer
Eleven minimum entitlements that apply to all employees:
What is recent labour market reforms?Show answer
Secure Jobs, Better Pay Act 2022. - Multi-employer bargaining (especially in feminised low-wage sectors). - Single interest bargaining streams. - Prohibition on pay secrecy clauses. - Ban on "zombie agreements" (pre-2009 individual agreements).
What is wage growth and inflation?Show answer
The Wage Price Index (ABS, cat. no. 6345.0) measures wage changes controlling for workforce composition.
What is the migration program?Show answer
Net overseas migration was around 500,000 in 2023-24, the highest in modern records. This had three effects:
What is the 2024 Migration Strategy?Show answer
The Albanese government published a new Migration Strategy in December 2023, implemented through 2024-25. Key features:
What is effects on the macroeconomic goals?Show answer
Strong and sustainable growth. - Skills development raises productivity. - Migration grows the labour force. - Both raise potential output.
What is strengths and weaknesses?Show answer
1. Long-run productivity gains from skills and migration. 2. Distributional protections from awards and NES.
What is secure Jobs, Better Pay Act 2022?Show answer
- Multi-employer bargaining (especially in feminised low-wage sectors). - Single interest bargaining streams. - Prohibition on pay secrecy clauses.
What is closing Loopholes Act 2024?Show answer
- Right to disconnect outside working hours. - Casual employment redefined with conversion rights. - Gig economy "employee-like" workers brought into FWC jurisdiction.
What is paid Parental Leave expansion?Show answer
- 20 weeks at the minimum wage from 1 July 2024. - 26 weeks by 1 July 2026. - Super contributions on PPL from 1 July 2025.
What is strong and sustainable growth?Show answer
- Skills development raises productivity. - Migration grows the labour force. - Both raise potential output.
What is full employment?Show answer
- Strong labour market protections (FWC, NES) raise the minimum wage floor. - Migration affects the NAIRU: skilled migration eases bottlenecks; unskilled migration may raise unemployment at the margin. - The 2022 inquiry concluded migration had little long-run effect on unemployment.