Comparative Snapshot Of Australia's Economic Development
TABLE OF CONTENTS
Executive Summary------------------------------------------------------------2
Introduction-----------------------------------------------------------------
1. Comparative Snapshot of USA, Japanese, and Australian Economics--------------------------------------------------------------------------4
2. Comparative Historical Profile of the USA, Japan and Australia's Economic Development--------------------------------------------------------7
3. Overview of Australia's International Trading Pattern with USA and Japan-----------------------------------------------------------------------------
4. Operations of Labor Market in the USA, Japan and Australia-----13
Conclusion-------------------------------------------------------------------1
Bibliography--------------------------------------------------------------------1
EXECUTIVE SUMMARY
This paper …show more content…
reviews and compared the economic performances of Australia, Japan and USA. Overall, these three countries enjoy very healthy economic activities. The report also highlights the similarities between these three highly developed economies. They all have relatively stable and growing economies. However, these countries also have significant differences in term of their population, areas of production specialization, short term economic management practices and their labour market operations.
Australia with its prosperous, western-style mixed economy with a high per capita GDP enjoys a very strong and relatively constant trading relationship with Japan and USA. The report shows that Australia and Japan enjoy a very long and constant trade relationship. In other words, the report found that Japan has long been, and is likely to remain for a considerable period, Australia largest export market for goods and services . On the other hands, the report shows that USA is and remains one of Australia's top merchandise trading partners, its largest services trading partner and the major source of foreign investment .
The final part of the report found that different labour market operations have different impact on the level of the economic performances of each individual country.
.
INTRODUCTION
The world has a long history of international trade among nations that can be traced back to early civilizations. Today, the practice of trade among nations is growing by leaps and bounds. There is hardly a country in the world that has not been influenced in some way by the growing trade among nations. Countries engage in international trade for numerous reasons. Some countries are deficient in critical products and services. To make up for these various deficiencies, countries must get involve in international trade to obtain the resources necessary to produce the goods and/or services desired by their citizens.
Likewise, Australia, Japan and USA engage in international trade for reasons that are very important to each of them. This report will endeavor to compare the economic performances of these three countries, identify their strengths and weaknesses and comment on the implications of these developments on business in Australia.
To achieve the above purpose, this paper will be organized as followed: first part will provide a comparative snapshot of the general background information about the three countries. After a comparative historical profile of these countries' economic development over the last 40 years in part two, an overview of Australian of international trading pattern with both countries will be considered in part three. Part four of this paper will provide a brief and comparative comment on the operation of labour market in the three countries.
1. Comparative Snapshot of USA, Japanese, and Australian Economies
AUSTRALIA JAPAN USA
Population 20,264,082 127,463,611 298,444,215
Population Growth Rate 1.3% -0.02% 0.91%
Surface Size 7.692 thousand sq. km. 377,864 sq. km. 9,364 thousand sq km
Population Density 2.6 persons per square kilometer for total area 337 persons per square kilometer for total area 31 persons per square kilometer for total area
Annual Inflation Rate 3.5% 0.2% 3.6%
Unemployment Rate 4.9% 4.1% 4.4%
GDP Real Growth Rate 3.1% 2.8% 3.4%
Export (% of GDP) 21.1% 16.5% 11.1%
Current Account Balance (% of GDP) -5.6% 3.9% -6.6%
Saving Rate (% of GDP) 16.80 12.10 11.50
Official Interest Rate 6.25 0.25 5.25
Representative Commercial Interest Rate 8.1% 6.62% 7.0%
Urbanization Rate 92% 68% 80%
Exchange Rate Against the Euro 1.68 145.9 1.26
Percentage changes in the 'local' currency cost of the Euro over the last year -5.60 -13.32 -11.99
Principal 3 trading partners in order of importance (export ) Japan 20.4%, China 11.9%, South Korea 7.7% US 22.5%, China 14.3%, South Korea 7.8% Canada 23.4%, Mexico 13.3%, Japan 6.1%,
Principal 3 trading partners in order of importance (import) China 13.8%
USA 13.6%
Japan 10,3% China 20.5%
USA 11.8%
Saudi Arabia 6.4% Canada 17.2%
China 14.6%
Mexico
10.2%
Principal Exports coal, ion ore, gold, bovine meat, wool, alumina, iron ore, wheat, machinery and transport equipment transport equipment, motor vehicles, semiconductors, electrical machinery, chemicals agricultural products 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0%
Principal Imports machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products machinery and equipment, fuels, foodstuffs, chemicals, textiles, raw materials agricultural products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys)
Suicides (per 100000 persons) 11.1 20.3 10.2
Average IQ 98 105 98
Prison Population rate(per 100 000 population) 107 58 669
From the above table, some observations cannot pass without comment. For instance the table shows a great deal of disparity between the population densities of the three countries. Out of the three countries, Japan appears to have a very high concentration of its population as compared to Australia with a very low population density.
Additionally, Japan experiences a very low level of inflation as compared to the rate of inflation in Australia and USA. Moreover, the national saving rate in Australia is slightly higher than the rate in Japan and the USA. The Japanese saving rate of 12.10% can be said to be a temporary aberration from its historical average of 16% (between 1961-1990, when the saving rate in Japan was one of the highest in the world).
Also, the table shows that Japan has twice as much as the suicide rate of Australia and USA.
2 Comparative Historical Profile of the USA, Japan and Australia's Economic Development
GDP Growth (Source: UTS Online)
The above graph depicts a great level of GDP fluctuation in all the three countries from the 1970s to 2001. From 2001 onwards, they all seem to enjoy a relatively constant level of growth.
Inflation (according to CPI - data)
(Source: UTS Online)
The above graph shows a declining rate of inflation in the three countries with Japan experiencing negative and/or very close to zero inflation rates from 1998 onwards.
Unemployment Rate (Source: UTS Online)
The above graph shows hat USA and Australia experienced two widespread recessionary periods in 1982-1983 and 1994-1995 where unemployment rate sore very sharply. By contrast, Japan experienced a very low and constant unemployment rate.
Interest Rate
(Source: UTS Online)
The above graphs show similar movements in both the long and short term interest rates in Australia, Japan and USA.
Exchange Rate (Source: UTS Online)
Share Price Movements (Source: UTS Online)
The graph shows a relative increasing pattern in share price movements. However, USA appears to experience greater increase from 1994 to 2001(as result of the dotcom boom). From 2001 to 2002, the share price in USA experienced a very sharp decrease as result of the events of September 11th.
Components of AD
(Source: UTS Online)
The aggregate demand graphs in all three countries show a very similar pattern of increased consumptions in all three countries.
3. Overview of Australia's International Trading Pattern with USA and Japan
USA and Japan are of fundamental importance to Australia in term of international trade.
Australia's exports to USA and Japan (% of total Australia export) (Source: UTS Online)
From the above table, it can be seen that Australia enjoys a very strong and relatively constant export relationship with Japan and USA. However, total export to Japan clearly out weight export to the USA and indicate the vital importance of Australia's trading relationship with Japan in term of export. Japan has long been, and is likely to remain for a considerable period, Australia largest export market for goods and services .
Australia's imports from USA and Japan (% of total Australia import) (Source: UTS Online)
In term of import, both countries (USA & Japan) appear to be similarly important for Australia with imports from USA slightly higher than import from Japan. Overall, the two countries seem to play a very vital role in Australia's international trade.
The United States remains one of Australia's top merchandise trading partners, its largest services trading partner and the major source of foreign investment . As testimony of the importance of their trade relationship, a landmark agreement (AUSFTA ) was signed between the two nations in order to extend their trade and investment relationship. Similarly, besides their Basic Treaty of Friendship and Co-operation (signed in 1976), negotiations are currently under way for a free trade agreement between Australia and Japan in order to strengthen their trade relationship.
4 Operations of Labor Market in the USA, Japan and Australia
Though Australia, Japan and USA enjoy strong economic performances, the operation of labour market in these countries is slightly different. In each of these countries, there are rules and regulations that govern the employment relationship between workers and firms.
Trade Unions Membership (% total workforce)
(Source: Trade Union membership: http://www.ilo.org/global/lang--en/index.htm)
The above graph depicts the proportion of the workforce who is members of trade unions in the three countries.
Of noticeable importance is the sharp decline in the rate union membership in Australia. From as high as over 55% unions membership in the 1980s, union membership in Australia is currently at its lowest level . A clear indication of how Australians have become disassociated from labour unions. This situation may be attributable to significant legislative reform of the workplace relations system (to instill greater flexibility, while maintaining a social safety net ) over the last decade by the Australian Government.
Of equal importance but least spectacular is the decline in Japanese union membership. Labor unions in Japan have shown an overall decline. The unionization rate has continuously fallen for 30 years since 1975, reaching 18.7 percent in 2005 . A characteristic of Japanese labor unions is that they are organized for each corporation.
USA on the other hand, appears to have the lowest rate of union membership and experienced much smaller level of decline. The low level of union membership is indicative of the more liberal approach to labour market regulation in USA as a consequence of good mixture of fiscal and monetary policy and the structural reform.
Strike Rate (Source: Labour Statistics Australia)
It is no surprise to see that Australia with its high level of union membership, experience a much volatile and higher level of strike rate as compared to the USA. Japan on the other hand, despite having the second highest level of union membership, experienced a very low level of strike rate. This low level of strike rate in Japan may be attributable to its unique and specific labour market characterized by close government industry cooperation, a strong work ethic.
Overall, labour force in all these three countries has undergone remarkable changes. In Australia, the system has moved away from its highly prescriptive nature and become simplified, leaving more room for bargaining. The Japanese labour market on the other hands faces possible changes owing to number of factors such as the ageing workforce and the younger workers who sought to break away from traditional career paths to those that stressed greater individuality and creativity. In the USA, the challenge for the immediate future is to continue to upgrade the skills of the labour force in order to remain competitive.
CONCLUSION
The report provides a very broad comparative snapshot of the economic accomplishments three highly developed economies: Australia, USA, Japan, and explores Australia's international trading patterns with these countries since the 1950s. The trade and investment relationship between Australia and the USA and Japan reflects the similarities between the economies and the general strength of each economy. USA and Japan have been very important markets for Australia's export and import products/services for many years. Australia's economic relationship with these countries, already strong, is growing as a reflection of the new global competitiveness of the Australian economy, particularly in the manufacturing and services sectors. Overall, everything seems to point to the fact that Australia can and will continue to sustain a very strong trading relationship in which it shares not only common interests, but a deep understanding with Japan and USA. The trading relationship between Australia and these two countries has certainly been of great benefit for all countries and, despite the current global economic difficulties, will continue to be so.
REFERENCE
1. Edwards. A, 2000, Overcoming Labour Market Challenges in the U.S.A, viewed 7 May 2007, http:// www.csulb.edu/depts/economics/oer/Pubs_Presentations/LaborPaper.pdf
2. Wikipedia, 2006, Labour market of Japan, viewed 4 May 2007, http://en.wikipedia.org/wiki/Labour_market_of_Japan
3. Professor Gordon de Brouwer and Dr. Tony Warren, 2001, Strengthening Australia-Japan Economic Relations, viewed 29 April 2007, http://www.dfat.gov.au/geo/japan/aus_relations/ser_report.pdf
4. The World Fact book, Viewed 22 April 2007,https://www.cia.gov/cia/publications/factbook/geos/as.html
5. Trade Union Membership (Unions2007.xls), http://www.ilo.org/global/lang--en/index.htm
6. United States of America, viewed 07 May 2007, http://www.dfat.gov.au/geo/us/us_brief.html
7. Background Note, viewed 05 May 2007, http://www.state.gov/r/pa/ei/bgn/2698.htm
8. Economic fact sheet: viewed 07 May 2007, http://www.dfat.gov.au/geo/fs/aust.pdf
9. Stegman, A and Stegman, T. 2002, Labour market reform and the macroeconomic efficiency of the labour market in Australia, viewed 7 May 2007, http://cje.oxfordjournals.org/cgi/content/full/28/5/743
10. Australia, viewed 06 May 2007 http://www.oecd.org/document/28/0,2340,en_33873108_33873229_37147228_1_1_1_1,00.html
11. OECD Fact book 2007: Economic, Environmental and Social Statistics - ISBN 92-64-02946-X - © OECD 2007
12. Japan Country Brief viewed 07 May 2007, http://www.dfat.gov.au/geo/japan/japan_brief_bilateral.html
Executive Summary------------------------------------------------------------2
Introduction-----------------------------------------------------------------
1. Comparative Snapshot of USA, Japanese, and Australian Economics--------------------------------------------------------------------------4
2. Comparative Historical Profile of the USA, Japan and Australia's Economic Development--------------------------------------------------------7
3. Overview of Australia's International Trading Pattern with USA and Japan-----------------------------------------------------------------------------
4. Operations of Labor Market in the USA, Japan and Australia-----13
Conclusion-------------------------------------------------------------------1
Bibliography--------------------------------------------------------------------1
EXECUTIVE SUMMARY
This paper …show more content…
reviews and compared the economic performances of Australia, Japan and USA. Overall, these three countries enjoy very healthy economic activities. The report also highlights the similarities between these three highly developed economies. They all have relatively stable and growing economies. However, these countries also have significant differences in term of their population, areas of production specialization, short term economic management practices and their labour market operations.
Australia with its prosperous, western-style mixed economy with a high per capita GDP enjoys a very strong and relatively constant trading relationship with Japan and USA. The report shows that Australia and Japan enjoy a very long and constant trade relationship. In other words, the report found that Japan has long been, and is likely to remain for a considerable period, Australia largest export market for goods and services . On the other hands, the report shows that USA is and remains one of Australia's top merchandise trading partners, its largest services trading partner and the major source of foreign investment .
The final part of the report found that different labour market operations have different impact on the level of the economic performances of each individual country.
.
INTRODUCTION
The world has a long history of international trade among nations that can be traced back to early civilizations. Today, the practice of trade among nations is growing by leaps and bounds. There is hardly a country in the world that has not been influenced in some way by the growing trade among nations. Countries engage in international trade for numerous reasons. Some countries are deficient in critical products and services. To make up for these various deficiencies, countries must get involve in international trade to obtain the resources necessary to produce the goods and/or services desired by their citizens.
Likewise, Australia, Japan and USA engage in international trade for reasons that are very important to each of them. This report will endeavor to compare the economic performances of these three countries, identify their strengths and weaknesses and comment on the implications of these developments on business in Australia.
To achieve the above purpose, this paper will be organized as followed: first part will provide a comparative snapshot of the general background information about the three countries. After a comparative historical profile of these countries' economic development over the last 40 years in part two, an overview of Australian of international trading pattern with both countries will be considered in part three. Part four of this paper will provide a brief and comparative comment on the operation of labour market in the three countries.
1. Comparative Snapshot of USA, Japanese, and Australian Economies
AUSTRALIA JAPAN USA
Population 20,264,082 127,463,611 298,444,215
Population Growth Rate 1.3% -0.02% 0.91%
Surface Size 7.692 thousand sq. km. 377,864 sq. km. 9,364 thousand sq km
Population Density 2.6 persons per square kilometer for total area 337 persons per square kilometer for total area 31 persons per square kilometer for total area
Annual Inflation Rate 3.5% 0.2% 3.6%
Unemployment Rate 4.9% 4.1% 4.4%
GDP Real Growth Rate 3.1% 2.8% 3.4%
Export (% of GDP) 21.1% 16.5% 11.1%
Current Account Balance (% of GDP) -5.6% 3.9% -6.6%
Saving Rate (% of GDP) 16.80 12.10 11.50
Official Interest Rate 6.25 0.25 5.25
Representative Commercial Interest Rate 8.1% 6.62% 7.0%
Urbanization Rate 92% 68% 80%
Exchange Rate Against the Euro 1.68 145.9 1.26
Percentage changes in the 'local' currency cost of the Euro over the last year -5.60 -13.32 -11.99
Principal 3 trading partners in order of importance (export ) Japan 20.4%, China 11.9%, South Korea 7.7% US 22.5%, China 14.3%, South Korea 7.8% Canada 23.4%, Mexico 13.3%, Japan 6.1%,
Principal 3 trading partners in order of importance (import) China 13.8%
USA 13.6%
Japan 10,3% China 20.5%
USA 11.8%
Saudi Arabia 6.4% Canada 17.2%
China 14.6%
Mexico
10.2%
Principal Exports coal, ion ore, gold, bovine meat, wool, alumina, iron ore, wheat, machinery and transport equipment transport equipment, motor vehicles, semiconductors, electrical machinery, chemicals agricultural products 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0%
Principal Imports machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products machinery and equipment, fuels, foodstuffs, chemicals, textiles, raw materials agricultural products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys)
Suicides (per 100000 persons) 11.1 20.3 10.2
Average IQ 98 105 98
Prison Population rate(per 100 000 population) 107 58 669
From the above table, some observations cannot pass without comment. For instance the table shows a great deal of disparity between the population densities of the three countries. Out of the three countries, Japan appears to have a very high concentration of its population as compared to Australia with a very low population density.
Additionally, Japan experiences a very low level of inflation as compared to the rate of inflation in Australia and USA. Moreover, the national saving rate in Australia is slightly higher than the rate in Japan and the USA. The Japanese saving rate of 12.10% can be said to be a temporary aberration from its historical average of 16% (between 1961-1990, when the saving rate in Japan was one of the highest in the world).
Also, the table shows that Japan has twice as much as the suicide rate of Australia and USA.
2 Comparative Historical Profile of the USA, Japan and Australia's Economic Development
GDP Growth (Source: UTS Online)
The above graph depicts a great level of GDP fluctuation in all the three countries from the 1970s to 2001. From 2001 onwards, they all seem to enjoy a relatively constant level of growth.
Inflation (according to CPI - data)
(Source: UTS Online)
The above graph shows a declining rate of inflation in the three countries with Japan experiencing negative and/or very close to zero inflation rates from 1998 onwards.
Unemployment Rate (Source: UTS Online)
The above graph shows hat USA and Australia experienced two widespread recessionary periods in 1982-1983 and 1994-1995 where unemployment rate sore very sharply. By contrast, Japan experienced a very low and constant unemployment rate.
Interest Rate
(Source: UTS Online)
The above graphs show similar movements in both the long and short term interest rates in Australia, Japan and USA.
Exchange Rate (Source: UTS Online)
Share Price Movements (Source: UTS Online)
The graph shows a relative increasing pattern in share price movements. However, USA appears to experience greater increase from 1994 to 2001(as result of the dotcom boom). From 2001 to 2002, the share price in USA experienced a very sharp decrease as result of the events of September 11th.
Components of AD
(Source: UTS Online)
The aggregate demand graphs in all three countries show a very similar pattern of increased consumptions in all three countries.
3. Overview of Australia's International Trading Pattern with USA and Japan
USA and Japan are of fundamental importance to Australia in term of international trade.
Australia's exports to USA and Japan (% of total Australia export) (Source: UTS Online)
From the above table, it can be seen that Australia enjoys a very strong and relatively constant export relationship with Japan and USA. However, total export to Japan clearly out weight export to the USA and indicate the vital importance of Australia's trading relationship with Japan in term of export. Japan has long been, and is likely to remain for a considerable period, Australia largest export market for goods and services .
Australia's imports from USA and Japan (% of total Australia import) (Source: UTS Online)
In term of import, both countries (USA & Japan) appear to be similarly important for Australia with imports from USA slightly higher than import from Japan. Overall, the two countries seem to play a very vital role in Australia's international trade.
The United States remains one of Australia's top merchandise trading partners, its largest services trading partner and the major source of foreign investment . As testimony of the importance of their trade relationship, a landmark agreement (AUSFTA ) was signed between the two nations in order to extend their trade and investment relationship. Similarly, besides their Basic Treaty of Friendship and Co-operation (signed in 1976), negotiations are currently under way for a free trade agreement between Australia and Japan in order to strengthen their trade relationship.
4 Operations of Labor Market in the USA, Japan and Australia
Though Australia, Japan and USA enjoy strong economic performances, the operation of labour market in these countries is slightly different. In each of these countries, there are rules and regulations that govern the employment relationship between workers and firms.
Trade Unions Membership (% total workforce)
(Source: Trade Union membership: http://www.ilo.org/global/lang--en/index.htm)
The above graph depicts the proportion of the workforce who is members of trade unions in the three countries.
Of noticeable importance is the sharp decline in the rate union membership in Australia. From as high as over 55% unions membership in the 1980s, union membership in Australia is currently at its lowest level . A clear indication of how Australians have become disassociated from labour unions. This situation may be attributable to significant legislative reform of the workplace relations system (to instill greater flexibility, while maintaining a social safety net ) over the last decade by the Australian Government.
Of equal importance but least spectacular is the decline in Japanese union membership. Labor unions in Japan have shown an overall decline. The unionization rate has continuously fallen for 30 years since 1975, reaching 18.7 percent in 2005 . A characteristic of Japanese labor unions is that they are organized for each corporation.
USA on the other hand, appears to have the lowest rate of union membership and experienced much smaller level of decline. The low level of union membership is indicative of the more liberal approach to labour market regulation in USA as a consequence of good mixture of fiscal and monetary policy and the structural reform.
Strike Rate (Source: Labour Statistics Australia)
It is no surprise to see that Australia with its high level of union membership, experience a much volatile and higher level of strike rate as compared to the USA. Japan on the other hand, despite having the second highest level of union membership, experienced a very low level of strike rate. This low level of strike rate in Japan may be attributable to its unique and specific labour market characterized by close government industry cooperation, a strong work ethic.
Overall, labour force in all these three countries has undergone remarkable changes. In Australia, the system has moved away from its highly prescriptive nature and become simplified, leaving more room for bargaining. The Japanese labour market on the other hands faces possible changes owing to number of factors such as the ageing workforce and the younger workers who sought to break away from traditional career paths to those that stressed greater individuality and creativity. In the USA, the challenge for the immediate future is to continue to upgrade the skills of the labour force in order to remain competitive.
CONCLUSION
The report provides a very broad comparative snapshot of the economic accomplishments three highly developed economies: Australia, USA, Japan, and explores Australia's international trading patterns with these countries since the 1950s. The trade and investment relationship between Australia and the USA and Japan reflects the similarities between the economies and the general strength of each economy. USA and Japan have been very important markets for Australia's export and import products/services for many years. Australia's economic relationship with these countries, already strong, is growing as a reflection of the new global competitiveness of the Australian economy, particularly in the manufacturing and services sectors. Overall, everything seems to point to the fact that Australia can and will continue to sustain a very strong trading relationship in which it shares not only common interests, but a deep understanding with Japan and USA. The trading relationship between Australia and these two countries has certainly been of great benefit for all countries and, despite the current global economic difficulties, will continue to be so.
REFERENCE
1. Edwards. A, 2000, Overcoming Labour Market Challenges in the U.S.A, viewed 7 May 2007, http:// www.csulb.edu/depts/economics/oer/Pubs_Presentations/LaborPaper.pdf
2. Wikipedia, 2006, Labour market of Japan, viewed 4 May 2007, http://en.wikipedia.org/wiki/Labour_market_of_Japan
3. Professor Gordon de Brouwer and Dr. Tony Warren, 2001, Strengthening Australia-Japan Economic Relations, viewed 29 April 2007, http://www.dfat.gov.au/geo/japan/aus_relations/ser_report.pdf
4. The World Fact book, Viewed 22 April 2007,https://www.cia.gov/cia/publications/factbook/geos/as.html
5. Trade Union Membership (Unions2007.xls), http://www.ilo.org/global/lang--en/index.htm
6. United States of America, viewed 07 May 2007, http://www.dfat.gov.au/geo/us/us_brief.html
7. Background Note, viewed 05 May 2007, http://www.state.gov/r/pa/ei/bgn/2698.htm
8. Economic fact sheet: viewed 07 May 2007, http://www.dfat.gov.au/geo/fs/aust.pdf
9. Stegman, A and Stegman, T. 2002, Labour market reform and the macroeconomic efficiency of the labour market in Australia, viewed 7 May 2007, http://cje.oxfordjournals.org/cgi/content/full/28/5/743
10. Australia, viewed 06 May 2007 http://www.oecd.org/document/28/0,2340,en_33873108_33873229_37147228_1_1_1_1,00.html
11. OECD Fact book 2007: Economic, Environmental and Social Statistics - ISBN 92-64-02946-X - © OECD 2007
12. Japan Country Brief viewed 07 May 2007, http://www.dfat.gov.au/geo/japan/japan_brief_bilateral.html