The year 2013 saw slowing growth in the Australian economy and labour market, relative to 2012. Slower rates of increase in gross domestic product and employment led to rising unemployment and underemployment rates, fewer job vacancies, and increased caution on the part of the Fair Work Commission about the appropriate rate of increase in Australian minimum wages. Compared with other Organisation for Economic Co-operation and Development countries, however, the Australian labour market continued to perform well, with lower unemployment rates for all age groups and higher labour productivity growth. The main areas of weakness are falling male full-time employment, high youth labour force underutilisation, and rising earnings inequality associated with falling relative earnings for the lowest paid.
- Economic conditions
- minimum wage