publication . Research . Article . 2006

From Golden Age to Golden Age: Australia's Great Leap Forward?

Open Access English
  • Published: 01 Jan 2006
  • Publisher: Institute for the Study of Labor (IZA) Bonn
The twenty-five years after WW 2 witnessed strong labour market institutions and beneficial labour market outcomes - high wage growth and integration of low-skilled immigrants. Then came the macro shocks of the mid 1970s. Labour market outcomes deteriorated as full-time employment population ratios fell, particularly among males; unemployment and welfare use increased; and real wages grew slowly. The golden age passed. In response, successive governments have increasingly begun to dismantle the institutional framework. We address this transition within a simple long run graphical framework to help us marshal facts and arguments and to discuss the likely impact o...
free text keywords: J0, D6, E6, L5, O3, unemployment, wage growth, welfare use, institutional reform, Australia, Wirtschaftsreform, Sozialreform, Australien, ddc:330, Economics and Econometrics
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