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Labour market is where individuals seeking employment interact with employers who want to obtain the most appropriate labour skills for their production process. Labour markets are significantly affected when wages rise, as they create an increase in unemployment or an increase in employment or have no effect at all, causing economic growth. When wage rates increase, it increases the quantity of labour supplied, as firms can no longer afford to pay all its employees the …

…Australia Workplace Agreements. Australian workplace Agreements are individual contracts negotiated with employers that are administrated by the Employment Advocate. Increased wage rates has different effects on labour markets, as it either causes an increase in unemployment, increase in unemployment or have no effect at all. This is an issue that will continually be argued about and raises the question to labour markets as to whether it is right to distribute higher wage rates or not.