The Reserve Bank of Australia's glossary of terms, defines a labor market as "A collective term for employment, unemployment, participation rates and wages."* It can also be defined as the interaction between employees and employers and how they seek to find employment, also the effects of trade unions and Industrial Tribunals and how they aim to protect and assist workers. The labor market throughout the years has shown trends or patterns in its changes, this …showed first 75 words of 1499 total…

…showed last 75 words of 1499 total…is one example of the role that government has in helping the employees and employer in the current industrial relations system. Therefore it can be seen by the study of recent statistics, trends can be identified in the labor market and they can impact on the Australian economy in both positive and negative ways. Also the current industrial relation reforms have caused many changes in roles of Trade Unions, Employer Associations and the Federal Government.