The central wage-setting framework that characterized the labour market since before independence allowed for little wage moderation, did not favour wage differentiation across sectors and enterprises, and focused more on job preservation than on job creation.
•  In Australia, there is political partisanship across a range of issues and, over the past year, budget stalemate. The result? American businesses and households seem to be getting more optimistic about the future. But Australian businesses and households seem to be getting less optimistic about the future.