§-Quick questions
VICEconomicsUnit 4: Managing the economy
Quick questions on Labour market reform and immigration as supply-side policy (VCE Economics Unit 4)
10short 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 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 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 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 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.
What is low and stable inflation?Show answer
- Wage growth above productivity raises unit labour costs and inflation. - Migration eases labour shortages, moderating wage pressure. - The 2022-24 migration surge contributed to bringing wage growth back to sustainable levels.
What is equity?Show answer
- Minimum wage and award framework compresses the wage distribution. - Gender pay gap fell from around 17 percent (2014) to 13 percent (WGEA 2024). - Family Tax Benefit, Paid Parental Leave and childcare subsidies support working families.